Rupee records gain against US dollar

Rupee records gain against US dollar. Add BRecorder as a trusted source on Google.

Key points

• After climbing 2.4% in the previous session, brent crude futures fell 23 cents, or 0.3%, to $93.55 a barrel by 0142 GMT.
• After rising 2.3% in the prior session, US West Texas Intermediate crude futures slipped 33 cents, or 0.4%, to $86.50 a barrel.
• Sterling flirted with a six-month peak and edged 0.08% higher to $1.3643, taking its gains for the week thus far to 0.8%.
• The local unit closed the day at 277.56, a gain of Re0.01 against the greenback.
• Against a weaker dollar, the euro was perched near a three-month high and last purchased $1.1685, on track for a weekly rise of 1%.

In practice, the Pakistani rupee extended its marginal gains, appreciating 0.01%, against the US dollar on Friday.

Notably, the local unit closed the day at 277.56, a gain of Re0.01 against the greenback. On Thursday, the Pakistani rupee settled at 277.57 against the dollar.

As investors viewed the US Treasury's bond buyback gambit as merely a temporary fix, while raising fresh reservations concerning ‌authorities' increasingly interventionist approach, the dollar was on shaky ground and set for a weekly loss on Friday.

Notably, the greenback was meanwhile on track for a weekly fall of more than 0.8% and was last at 98.82, languishing near a three-month low against a basket of six other currencies.

Furthermore, oil rates fell slightly on Friday, but were on track for a second weekly rise.

During the previous five days of gains, Brent gained more than 7% and WTI climbed more than 8%, reaching their highest since July 24. Buying and selling currency exchange rates.

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For now, rupee records gain against US dollar remains the part of the story worth watching, and further updates are likely as more details are confirmed.