Rupee registers gain against US dollar

The Pakistani rupee strengthened by Re0.01 against the US dollar on Tuesday, closing at 276.71 in the inter-bank market, Business Recorder reported. It had ended Monday at 276.72, extending a small upward move in the local currency.

International currency markets were unsettled as oil prices shifted amid reports of a US strike on Iran’s Qeshm Island and hopes for diplomatic progress. The dollar index was last at 101.76 after reaching a one-month low on Monday, while energy-price changes and concerns about inflation also featured in the global market picture. Brent crude stood at $104.8 a barrel and US West Texas Intermediate at $96.66, both recovering slightly after losses exceeding 7% on Monday. These overseas developments provide context for investors tracking currency and energy markets, while the reported inter-bank rate was the key domestic figure.