Rupee records gain against US dollar

The Pakistani rupee experienced a marginal increase against the US dollar on Thursday, reaching a rate of 276.92. This marked a gain of Re0.03 compared to the previous day's settlement at 276.95. Internationally, the US dollar experienced a decline from its 18-month peak due to factors such as hotter-than-expected inflation data, cautious remarks from Federal Reserve officials, and a decrease in Treasury yields.

This led to traders reducing their expectations of an October rate hike. Meanwhile, the euro recovered from an 18-month low, trading at $1.1187, while the British pound strengthened by 0.2% to $1.3224, following a 13-month low. The dollar index, which tracks the US currency against a basket of other currencies, saw a decline of 0.1% at 102.06.

The Labor Department reported that the core consumer price index increased by 0.3% in September, surpassing expectations of a 0.2% rise. Oil prices also declined as traders assessed supply concerns stemming from Middle East tensions and US efforts to lower petroleum shipping costs by easing sanctions.