Pakistan rupee records gain against US dollar
The Pakistani rupee extended its marginal gains, appreciating 0.01%, against the US dollar on Thursday. The local unit closed the day at 277.57, a gain of Re0.03 against the greenback. On Wednesday , the Pakistani rupee settled at 277.60 against the dollar. Furthermore, the US dollar nursed steep losses on Thursday, hovering near three-month lows. The dollar index , which measures the US currency…
The Pakistani rupee continued its slight upward trend against the US dollar, increasing 0.01% on Thursday. The local currency closed at 277.57 per dollar, marking a gain of Re0.03. On Wednesday, the rupee had settled at 277.60 against the greenback. Meanwhile, the US dollar experienced significant losses on Thursday, nearing three-month lows.
The dollar index, which tracks the dollar's performance against six other currencies, was at 98.938, near its lowest level since mid-May. Meanwhile, the euro reached $1.1676, its highest level since late May. The US Treasury announced plans to double liquidity support buyback operations for longer-dated bonds due to a sharp bond selloff, pushing the 30-year Treasury yield to a 19-year high of 5.337%.
The yield had dropped to 5.184% after falling 9 basis points following the announcement on Wednesday. In addition, oil prices rose on Thursday. Brent crude futures for October delivery increased by 26 cents, or 0.28%, to $91.87 a barrel, while US West Texas Intermediate crude futures for September rose by 17 cents to $86 a barrel.
Both Brent and WTI benchmarks gained for a fifth consecutive day, having settled at their highest since July 24 on Wednesday.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Pakistan rupee records gain against US dollar brecorder.com
