Pakistan rupee records gain against US dollar
The Pakistani rupee extended its marginal gains against the US dollar on Thursday. The local unit closed the day at 277.51, a gain of Re0.01 against the greenback. On Tuesday , the Pakistani rupee settled at 277.52 against the dollar. The currency market was closed on Wednesday on account of Eid-Milad-un-Nabi. Moreover, the dollar held near an eight-day high on Thursday after US inflation and…
Pakistan's currency, the rupee, experienced a slight increase against the US dollar on Thursday, reaching 277.51 per dollar, a rise of just Re0.01. The previous day, the rupee had closed at 277.52 against the dollar. The currency market was shut on Wednesday for Eid-Milad-un-Nabi. The dollar managed to stay close to an eight-day high on Thursday due to a slight uptick in US inflation and economic data, hinting at a potential Federal Reserve rate hike.
The dollar index, which gauges the greenback's performance against a range of currencies like the yen and euro, rose 0.21% to 99.13, marking its highest point since August 19. Against the yen, the dollar hovered at 159.23, shedding most of its recent intervention gains but still falling short of a multi-decade low near 164. Moreover, oil prices declined on Thursday, continuing a pattern of consecutive daily losses.
Brent crude futures dropped 60 cents, or 0.7%, to $87.24 a barrel by 0004 GMT, marking a fourth day of decline. West Texas Intermediate crude futures experienced a similar 56 cent, or 0.7%, drop to $81.67, marking a fifth day of decline.
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- Pakistan rupee records gain against US dollar brecorder.com
