Business Recorder

Rupee registers gain against US dollar

The Pakistani rupee gained against the US dollar in the inter-bank market on Wednesday. At close, the local currency settled at 278.36, a gain of Re0.01 against the greenback. On Tuesday , the local unit closed at 278.37. Meanwhile, the dollar held steady against major peers on Wednesday after the United States launched strikes against Iran, while investors awaited key US ‌inflation data for clues on the Federal Reserve’s policy path. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, edged up 0.01% to 100.02 The euro was down 0.05% at $1.1537 while sterling lost 0.04% to $1.337. Additionally, oil prices climbed about 1% on Wednesday, moving away from a seven-week low touched in the previous session. Brent futures rose 83 cents, or 0.9% to $92.29 a barrel, while US West Texas Intermediate (WTI) crude climbed 68 cents, or 0.8%, to $88.97. On the supply side, US crude oil inventories fell last week for an eighth consecutive week, according to market sources citing data from the American Petroleum Institute released on Tuesday, while gasoline stocks also declined.

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