Rupee edges higher against US dollar, closes at 276.96
- The Pakistani rupee gained one paisa to settle at 276.96 against the dollar on Tuesday.
- The dollar remained near its highest levels since April last year amid rising geopolitical tensions.
- Oil prices declined as traders weighed Saudi supply risks against potential additional diesel supplies from Russia.
The Pakistani rupee posted a marginal gain against the US dollar in the interbank market on Tuesday, closing at 276.96 compared with 276.97 in the previous session.
The one-paisa improvement extended the local currency’s modest gains after Monday’s closing rate.
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In international markets, the US dollar remained firm in early Asian trading following a holiday in some US markets. Renewed attacks on energy infrastructure in the Middle East and Ukraine heightened geopolitical concerns.
The dollar index, which tracks the greenback against a basket of six major currencies, stood at 102.56 in subdued trading after rising 0.3% on Monday. The index remained close to its highest levels since April last year.
The euro was little changed at $1.1159, while the British pound held steady at $1.3209. Against the Japanese yen, the dollar slipped 0.1% to 158.435 following the release of wholesale price data from the Bank of Japan.
The figures showed Japanese wholesale prices increased 6.8% year-on-year in September, below the median market forecast of 7.6%.
Meanwhile, the Chinese yuan remained near its strongest level in four years, trading steadily at 6.6950 per dollar in the offshore market.
Oil prices, a key influence on Pakistan’s import costs and currency outlook, eased on Tuesday and were heading towards their first decline in nearly a week. Traders assessed the threat to supplies from attacks on Saudi Arabia alongside the prospect of additional diesel supplies from Russia.
Brent crude futures fell $1.30, or 1.2%, to $105.35 a barrel by 0329 GMT. US West Texas Intermediate crude futures declined $1.25, or 1.3%, to $92.49 a barrel.
Both benchmarks had gained nearly $2 a barrel in the previous session, when Brent settled at its highest level since September 15.
