Business Recorder
The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Monday. At close, the local currency settled at 279.16, a gain of Re0.01 against the greenback. On Friday , the local unit closed at 279.17. Meanwhile, the US dollar held broadly steady on Monday, poised for its strongest monthly gain since July as investors fret about the ramifications of a long war in the Middle East, denting the yen past the crucial 160 level and spurring intervention jitters. The dollar index, which measures the US currency against six other units, was at 100.14 in early trading. The euro fetched $1.1512, on course for 2.5% drop in March, its weakest monthly decline since July. Sterling was at $1.32585, little changed on the day but set for a drop of 1.7% this month. Separately, oil prices extended gains on Monday, with Brent headed for a record monthly rise, after Yemeni Houthis launched their first attacks on Israel over the weekend, widening the US-Israel war with Iran in the Middle East. Brent crude futures jumped $3.94, or 3.5%, to $116.51 a barrel at 0703 GMT after settling 4.2% higher on Friday. US West Texas Intermediate was at $102.14 a barrel, up $1.86, or 1.87%, following a 5.5% gain in the previous session.
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