Rupee registers gain against US dollar

Business Recorder reported that the rupee firmed slightly against the US dollar on Wednesday, closing the interbank market at 277.02 after a 0.01% gain. That was Rs0.03 stronger than the 277.05 level seen on Tuesday. In the open market, buying was quoted at 277.61 and selling at 278.81.

Globally, the dollar index gained 0.3% to 102.13, reversing a 0.27% drop on Tuesday, as oil prices climbed. Brent crude traded above $100 a barrel, supported by Middle East supply concerns and a storm moving toward US oil-producing areas. Investors were also awaiting minutes from the Federal Reserve's September meeting, the first rate increase since 2023.

Rate expectations also moved, with CME FedWatch putting the odds of an October hike at 21.6%, down from roughly 51% seven days earlier. Markets were also pricing a 68.6% likelihood of a December increase. The euro slipped 0.4% to $1.1216, while the yen weakened by 0.13% reaching 158.31 per dollar, and sterling dropped 0.21% to $1.3248.