Pakistan rupee registers marginal gain against US dollar

The Pakistani rupee posted marginal gain, appreciating 0.01% against the US dollar in the inter-bank market on Wednesday. At close, the local currency settled at 278.07, a gain of Re0.03 against the greenback. On Tuesday , the rupee closed at 278.10 against the dollar. Meanwhile, the US dollar edged to its highest levels in a week in Asian trade on Wednesday as the US renewed ​strikes on Iran, while New Zealand’s currency jumped after the country’s central ‌bank lifted interest rates and flagged further tightening. The greenback strengthened 0.2% to 162.46 yen, advancing for a fourth day to reach the strongest level since July 2. The euro slipped 0.1% to $1.1405, while the ​British pound nudged 0.1% lower to $1.3351. Meanwhile, the kiwi dollar jumped 0.5% to ​a high of $0.5705 after the Reserve Bank of New Zealand hiked rates by ⁠25 basis points to 2.5% to curb inflation pressures, as most economists had expected, ​and said “some further reduction in monetary stimulus is likely to be required” to control ​inflation. The Australian dollar added 0.1% at $0.6938. The US dollar index, which measures the currency against a basket of six peers, touched 101.210 for the first time since July 2. Oil prices jumped nearly 5% on Wednesday, hitting a two-week high after ​U.S. President Donald Trump warned Iran that the United States will likely engage in additional strikes on Wednesday night after attacks ‌the previous day, adding that they might take over Kharg Island as well. Brent crude futures were up $3.81, or 5.14%, to $77.97 a barrel at 1339 GMT, while US West Texas Intermediate crude climbed $3.36, or 4.77%, to $73.80 a barrel. The benchmarks hit their highest levels since June 22 earlier in the session. Inter-bank market rates for dollar on Wednesday BID Rs 278.07 OFFER Rs 278.27 Open-market movement In the open market, the PKR lost 3 paise for buying and remained unchanged for selling against USD, closing at 278.80 and 279.40, respectively. Against Euro, the PKR gained 37 paise for buying and 34 paise for selling, closing at 318.80 and 321.87, respectively. Against UAE Dirham, the PKR lost 2 paise for buying and gained 1 paisa for selling, closing at 76.02 and 76.58, respectively. Against Saudi Riyal, the PKR lost 4 paise for buying and 5 paise for selling, closing at 74.43 and 74.94, respectively. Open-market rates for dollar on Wednesday BID Rs 278.80 OFFER Rs 279.40