The Pakistani rupee extended its marginal gains, appreciating 0.01% against the US dollar on Monday. The local unit closed the day at 277.47, a gain of Re0.03 against the greenback. On Friday, the Pakistani rupee settled at 277.50 against the dollar. Meanwhile, the dollar held steady near a two-week high on Monday as markets ramped up bets on a rate hike after hawkish remarks by Federal Reserve Chair Kevin Warsh, while the yen slipped back through the closely watched 160-per-dollar level. The euro edged up 0.1% to $1.1591, while sterling was little changed at $1.3539. Both currencies remained on track for their second monthly gains. The dollar index, which measures the US currency against six major peers, ticked down slightly to 99.6 after jumping 0.6% on Friday to its strongest level since August 17. Even so, the index was still on track for a second consecutive monthly decline, as U.S. Treasury bond-buyback plans earlier in the month revived debasement trades. Oil prices rose more than 2% on Monday after the US attacked an Iranian island in the Strait of Hormuz and Tehran said it had retaliated, as their conflict extended into its sixth month. Brent crude futures were up $2
The Pakistani rupee extended its marginal gains, appreciating 0.01% against the US dollar on Monday. The local unit closed the day at 277.47, a gain of Re0.03 against the greenback. On Friday, the Pakistani rupee settled at 277.50 against the dollar. Meanwhile, the dollar held steady near a two-week high on Monday as markets ramped up bets on a rate hike after hawkish remarks by Federal Reserve Chair Kevin Warsh, while the yen slipped back through the closely watched 160-per-dollar level. The euro edged up 0.1% to $1.1591, while sterling was little changed at $1.3539. Both currencies remained on track for their second monthly gains. The dollar index, which measures the US currency against six major peers, ticked down slightly to 99.6 after jumping 0.6% on Friday to its strongest level since August 17. Even so, the index was still on track for a second consecutive monthly decline, as U.S. Treasury bond-buyback plans earlier in the month revived debasement trades. Oil prices rose more than 2% on Monday after the US attacked an Iranian island in the Strait of Hormuz and Tehran said it had retaliated, as their conflict extended into its sixth month. Brent crude futures were up $2
