Rupee registers gain against US dollar

Business Recorder reported that the rupee firmed slightly against the US dollar in interbank trading on Tuesday, extending its small gains. The local currency closed at 276.96, Rs0.01 stronger than the 276.97 level it settled at on Monday.

Concern over the Middle East and Ukraine grew as energy sites came under fresh strikes, while the dollar held firm in quiet Asian dealings. The dollar index stood at 102.56 after a 0.3% gain on Monday, hovering near its highest level since April last year, while the euro was flat at $1.1159 and the pound steady at $1.3209. The dollar slipped 0.1% against the yen to 158.435 after Bank of Japan data showed wholesale prices up 6.8% in the year to September, below the 7.6% median forecast.

Oil prices, watched closely as a gauge of currency parity, slipped on Tuesday and were headed for a first drop in almost a week. Brent crude futures were $105.35 a barrel at 0329 GMT, down $1.30 or 1.2%, while West Texas Intermediate fell $1.25 to $92.49. Traders weighed attacks on Saudi Arabia against prospects of additional Russian diesel supplies.