Rupee records gain against US dollar

Business Recorder reported that the rupee edged higher against the dollar on Thursday, closing at 277.01 in interbank trading. The move was a gain of Rs0.01 from Wednesday's settlement at 277.02, a marginal change that still extended the currency's recent upward drift.

Abroad, the greenback sat close to its strongest level in about a year and a half, while the dollar index held at 102.23, having gained 0.3% a day earlier. Minutes from the latest Federal Open Market Committee meeting pointed to inflation as the main concern for policymakers, although they were divided over the reasons for the September rate increase. Markets still put the chance of a 25-basis-point hike at the meeting ending October 28 at roughly 19%, based on CME Group's FedWatch measure.

Against the yen, the dollar eased 0.2% to 157.815 after Japan reported an August current account surplus of 4.062 trillion yen, or about $25.7 billion, which beat the median economist estimate of 3.19 trillion yen. Oil also climbed, with Brent crude up $2.28 to $102.28 a barrel and WTI gaining $1.66 to $89.94, as worries over Middle East supply, rising attacks on shipping in the Gulf and Strait of Hormuz, and a US output cut linked to a hurricane threatening offshore production persisted.