Business Recorder
The Pakistani rupee registered marginal gain, appreciating 0.01%, against the US dollar in the inter-bank market on Thursday. At close, the local currency settled at 278.77, a gain of Re0.03 against the greenback. On Wednesday , the local unit closed at 278.80. Meanwhile, the US dollar hovered near its highest in more than two weeks on Thursday. The dollar index was steady at 98.852 following a 0.3% gain on Wednesday, hovering near the highest level since April 13. The euro stood at $1.1689, and sterling traded at $1.34877, both up roughly 0.1% so far in Asia. Moreover, Brent crude prices jumped to a fresh four-year high on Thursday on concerns that the US-Iran war could worsen and lead to a protracted Middle East oil supply disruption that could hurt global economic growth. Brent crude futures rose $4.28, or 3.63%, to $122.31 a barrel as of 0659 GMT, after touching an intraday high of $126.41, the loftiest since March 9, 2022. The front-month June contract, up for a ninth day, expires on Thursday. The more active July contract was at $112.49, up $2.05, or 1.86%.
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