Pakistan rupee extends gain against US dollar

The Pakistani rupee edged higher against the US dollar in inter-bank trade on Tuesday, closing at 276.80, Business Recorder reported. The move amounted to a gain of Re0.01 from Monday’s closing level of 276.81, extending the local currency’s recent advance.

Overseas, the dollar index was near a one-week high at 102.04 as investors weighed corporate earnings and upcoming US midterm elections. A recovery in technology shares and renewed interest in artificial intelligence investments supported appetite for risk, while concerns about France’s public finances weakened the euro. Oil prices also rose slightly as markets awaited diplomatic discussions in Tehran and monitored renewed Houthi attacks on Saudi Arabia. These international currency and oil-market developments formed part of the wider backdrop to Tuesday’s exchange-rate movements.