Rupee inches up against US dollar

Pakistan’s rupee posted a marginal gain against the US dollar in the inter-bank market on Monday, settling at 279.36 compared with the previous close of 279.37.

The Pakistani rupee registered a slight appreciation against the US dollar in the inter-bank market on Monday. The local currency closed at 279.36 against the greenback, marking a gain of Re0.01 from the previous session.Pakistani Rupee Continues Gain

On Monday, the local unit had settled at 279.37 against the US dollar. The modest movement reflects continued stability in the foreign exchange market.

Internationally, the US dollar lost some of its safe-haven appeal amid speculation that the war in the Middle East could remain limited. The easing concerns helped pull down sharply rising oil prices and supported risk-sensitive assets.

The greenback was firm in early Asian trading at 157.73 yen and $1.1632 per euro. However, it retreated from the previous day’s highs after US President Donald Trump said the war against Iran was “very complete.”

Trump told CBS News that Washington was “very far ahead” of his earlier four- to five-week timeline for the conflict. His remarks suggested that the situation could stabilize sooner than previously expected.

Iran’s Revolutionary Guards quickly dismissed the comments as “nonsense.” Despite the rejection, the remarks appeared to make traders cautious about escalating concerns over an oil shock.