Rupee records gain against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.01% in the inter-bank market on Wednesday. At close, the local currency settled at 278.72, a gain of Rs0.03 against the greenback. On Tuesday, the local unit closed at 278.75. Moreover, the US dollar fell against most major currencies on Wednesday. The Japanese yen strengthened sharply to a more than two-month high as markets braced for another intervention. The euro stood at $1.1740 and sterling traded at $1.3594, both up roughly 0.4% so far on the day. The Australian dollar fetched a four-year high of $0.7250, and the New Zealand dollar was up more than 1% at $0.5951, highest in nearly two months. The dollar index fell nearly 0.3% to 98.026. Oil prices extended declines on Wednesday, slumping to two-week lows after a Pakistani source said the United States and Iran were nearing an initial peace deal.