The Pakistani rupee ended largely unchanged against the US dollar in the interbank market on Monday, settling at Rs279.16, registering a marginal gain of Re0.01 from Friday’s close of Rs279.17, according to data released by the State Bank of Pakistan.
In the interbank market, the dollar was quoted at a bid of Rs279.16 and an offer of Rs279.36. The open market also reflected slight improvement in the local currency, where the rupee gained 2 paise for buying and 1 paisa for selling against the dollar, closing at Rs279.44 and Rs280.22, respectively.
The rupee recorded mixed movement against other major currencies in the open market. It strengthened against the euro, gaining Rs1.39 on the buying side and Rs1.22 on the selling side to close at Rs320.01 and Rs323.63, respectively. Against the UAE dirham, the local unit remained unchanged for buying but edged down 1 paisa for selling to close at Rs76.86. The rupee also weakened against the Saudi riyal, losing 3 paise for buying and 7 paise for selling to settle at Rs74.21 and Rs75.00, respectively.
In international markets, the US dollar held firm and was poised for its strongest monthly performance since July, as investors remained cautious about the economic fallout of a prolonged regional conflict.
The U.S. Dollar Index stood at 100.14 in early trading, while the Japanese yen slipped beyond the key 160 per dollar level, fuelling speculation about possible intervention by authorities in Tokyo to stabilise the currency.
The euro was quoted at $1.1512, placing it on track for a 2.5 percent decline in March, its steepest monthly fall since July. The British pound, or sterling, traded at $1.32585, little changed on the day but set to register a 1.7 percent monthly drop.
Meanwhile, oil markets extended their rally on supply disruption concerns after Yemen’s Houthi forces launched attacks on Israel over the weekend, widening the regional conflict involving the United States and Iran.
Global benchmark Brent Crude climbed $1.98, or 1.8 percent, to $114.55 per barrel by 1250 GMT after posting a 4.2 percent gain in the previous session. US benchmark West Texas Intermediate rose $1.14, or 1.1 percent, to $100.78 per barrel, following a 5.5 percent increase on Friday, keeping energy markets on edge and reinforcing pressure on oil-importing economies.
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