Pakistan rupee registers gain against US dollar
The Pakistani rupee extended its marginal gains against the US dollar on Tuesday. The local unit closed the day at 277.46, a gain of Re0.01 against the greenback. On Monday , the Pakistani rupee settled at 277.47 against the dollar. Meanwhile, the yen steadied near the 160-per-dollar level on Tuesday. The U.S. dollar was subdued, backing away from Friday’s gains as investors contended with rising…
On Tuesday, the Pakistani rupee demonstrated a slight improvement against the US dollar, closing at 277.46, marking an increase of Re0.01. This marked a marginal gain from the previous day's settlement of 277.47 against the dollar. Meanwhile, the Japanese yen remained stable around the 160-per-dollar mark. The US dollar appeared weaker, retreating from its gains witnessed on Friday, as investors grappled with the possibility of a Federal Reserve rate hike in September, following a strong statement from Fed Chairman Kevin Warsh last week.
The euro maintained its value at $1.1623, having achieved a near 1% growth throughout the month of August. The British pound also showed resilience, trading at $1.35575, following a 0.5% increase in the preceding month. The dollar index, which gauges the US currency's value against six other currencies, declined to 99.37. Furthermore, oil prices saw a modest rise of around $1 on Tuesday.
Brent crude futures climbed by $1.05, or 1.2%, to $91.54 per barrel, while US West Texas Intermediate crude surged $1.27, or 1.5%, to $87.03. On the prior day, Brent crude experienced a 2.7% surge, peaking at its highest level since August 25, while WTI crude also rose 2.8%, reaching its highest level since August 21.
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