Karachi: Rupee remained largely stable against dollar in inter-bank market. At close, domestic unit settled at 277.94, up by 0.01 paisa against greenback, as per State Bank of Pakistan.

In interbank market rates for dollar for bid were Rs 277.94 and offer was Rs 278.14. In open market activity, rupee gained 06 paisa for buying and remained unchanged for selling against dollar, closing at Rs 277.81 and Rs 280.20, respectively. Against Euro, rupee gained 33 paisa for buying and 28 paisa for selling, closing at 297.73 and 300.50, respectively.

Against UAE Dirham, it gained 2 paisa for buying and 3 paisa for selling, closing at 75.37 and 76.07, respectively.

Against Saudi Riyal, it gained 2 paisa for buying and 4 paisa for selling, closing at 73.63 and 74.30, respectively.

Internationally, dollar was broadly steady on Monday as data showing easing US prices bolstered bets that Federal Reserve could cut interest rates in June, while yen loitered near 152 per dollar keeping traders on edge on threat of intervention.

Dollar index, which measures US currency against six rivals, eased 0.038 percent to 104.42 but remained close to six-week high of 104.73 it touched last week.

Oil prices, key indicator of currency parity added to recent gains on Monday amid expectations of tighter supply from OPEC+ cuts and attacks on Russian refineries while upbeat Chinese manufacturing data supported outlook for improving demand.

Published in The Daily National Courier, April, 02 2024

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