Rupee registers slight gain against US dollar

The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Wednesday. At close, the local currency settled at 279.21, a gain of Re0.01 against the greenback. On Tuesday , the local unit closed at 279.22. Internationally, currency markets showed signs of fatigue early in ​Asian trade on Wednesday, with traders cautious over US President Donald Trump’s efforts to bring an ‌end to the war with Iran. The euro edged higher, up 0.1% at $1.1619, with most ​other currency pairs remaining unchanged. The British pound was up 0.1% at $1.3428, while the New Zealand ​dollar was flat at $0.5834. Against the yen, the US dollar ​was steady at 158.645 yen, after the release of minutes from the Bank of Japan’s January policy meeting ​showed many board members saw the need to keep raising interest rates without any specific pace in mind. Additionally, global oil prices fell around 4% on Wednesday on the prospect of a possible ceasefire easing supply disruptions from the key Middle East producing region after reports the US sent Iran a 15-point plan to end the war between them. Brent crude futures fell $4.89, or 4.7%, to $99.60 a barrel by 0335 GMT, after declining to as low as $97.57. US West Texas Intermediate (WTI) crude futures were down $3.54, or 3.8%, at $88.81 a barrel, after falling to as low as $86.72. Both benchmarks rose nearly 5% on Tuesday, before paring gains in volatile post-settlement trading.

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