Rupee gains ground against US dollar

ISLAMABAD: The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Wednesday.

At close, the local currency settled at 278.96, a gain of 0.01, against the greenback. On Tuesday, the local unit closed at 278.97.

Moreover, the US dollar lingered near six-week lows on Wednesday, surrendering nearly all the gains it had made since the Middle East war erupted. The euro bought $1.1793, hovering near its highest since March 2. Sterling was at $1.3574.

The dollar index, which measures the US currency against six units, was at 98.109, near its lowest in over six weeks.

Meanwhile, oil prices fell for a second day on Wednesday on expectations peace talks between the US and Iran may resume.

Brent crude futures were down 16 cents, or 0.2%, to $94.63 a barrel at 0635 GMT, after falling 4.6% in the previous session. US West Texas Intermediate crude was down 70 cents, or 0.8%, to $90.58.

The contract dropped 7.9% the session before. The war has mostly shut the Strait of Hormuz, a key waterway for crude and refined product flows out of the Gulf to global buyers, particularly in Asia and Europe. Staff Report