Rupee records gain against US dollar

According to Business Recorder, the Pakistani rupee firmed 0.01 per cent against the US dollar in the inter-bank market on Friday, closing at 277.07. The local currency gained Rs0.03 against the greenback from Thursday's close of 277.10. The move extended the currency's marginal gains of recent sessions.

Globally, the dollar was heading for its third straight weekly gain and sat near a 17-month high. A bond market sell-off had earlier pushed borrowing costs to multi-decade peaks, with 10-year US Treasury yields hitting 5.344 per cent on Thursday, their highest since 2002. Yields eased to 5.249 per cent in early Friday trading, while Brent fell 3 per cent to $99.25 a barrel after reports of European talks on further diesel and crude stock releases.

In the open market, the dollar was quoted at 277.87 for buying and 279.01 for selling, with the rupee gaining Rs0.10 and Rs0.08 respectively. Against the euro, the rupee gained Rs1.46 for buying and Rs1.57 for selling, closing at 312.27 and 315.58. The inter-bank bid and offer rates on Friday stood at 277.07 and 277.27.