Rupee gains marginally against dollar

Business Sep, 6 2024
Rupee gains marginally against dollar
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KARACHI: Rupee registered marginal improvement against dollar, appreciating 0.03 percent in interbank market.

At close, domestic settled at 278.68, gain of 0.09 paisa against dollar.  Globally, dollar dipped on Thursday as traders ramped up bets for supersized rate cut from Federal Reserve later this month, with yen notable outperformer on safe-haven demand as concerns over US economy's growth outlook resurfaced. US dollar remained on backfoot in early Asia trade, with euro steady at $ 1.1083. Sterling was little changed at $ 1.3147. Against basket of currencies, greenback fell marginally to 101.25. Oil prices,  key indicator of currency parity, firmed on Thursday, edging up from multi-month lows on possible delay to output increases by OPEC+ producers and decline in US inventories, though gains were capped by persisting demand concerns. Brent crude for November rose 42 cents, or 0.6 percent, to $73.12 a barrel after touching its lowest since December on Wednesday. US West Texas Intermediate crude for October was up 37 cents, or 0.5 percent at $ 69.57.

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