Rupee inches up against US dollar
The Pakistani rupee extended its marginal gains against the US dollar on Monday. The local unit closed the day at Rs277.70, a gain of Re0.01 against the greenback. On Friday , the Pakistani rupee settled at 277.71 against the dollar. Moreover, the US dollar hovered near a two-month low against major currencies on Monday as investors awaited this week’s inflation data for clues on the Federal…
The Pakistani rupee made slight progress against the US dollar on Monday, closing at Rs277.70, a gain of Re0.01. The US dollar had been near a two-month low against major currencies as investors awaited the Federal Reserve's inflation data for hints on the rate path. The euro strengthened to $1.1558, nearing its strongest level since mid-June, while the British pound held steady near a five-week high.
The Japanese yen remained strong at 157.90 per dollar, having given up some gains from earlier intervention but still far from the multi-decade low seen late last month. The dollar index, tracking the currency against six major peers, remained unchanged at 99.6, close to its lowest since June 2. Oil prices remained stable, with Brent crude futures at $83.74 per barrel and US West Texas Intermediate crude futures at $78.21.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
