Rupee records gain against US dollar

The Pakistani rupee edged up by Re0.01 against the US dollar in Monday’s inter-bank trading, ending at 276.81, Business Recorder reported. This followed a weekly rise of 0.03%: the currency finished the previous week at 276.82, compared with 276.91 a week earlier, based on State Bank of Pakistan data.

In international markets, the dollar index was slightly lower at 101.64, while major currencies mostly moved within narrow ranges. Brent crude fell 1.63% to $114.82 a barrel and US West Texas Intermediate declined 2% to $101.19, after oil had climbed the previous week. Five central bank decisions are due later this week, with markets expecting the US Federal Reserve, European Central Bank and Bank of Japan to leave rates unchanged, while rate increases are being priced in for Canada and New Zealand.