US dollar registers gain against Pak rupee in interbank market

Business Report

KARACHI: The United States (US) dollar gained 0.10 paisa against the Pakistani rupee in the interbank market on Wednesday.

According to forex dealers, the greenback is currently trading at Rs166.55 against the domestic currency at the interbank foreign exchange market.

The dollar had finished at Rs166.65 against the local unit the other day.

The U.S. dollar globally hovered just above a two-year low on Wednesday, while stocks struggled, as growing worries about the U.S. economy had investors cautious and looking to Congress and the Federal Reserve for a boost.

Against a basket of currencies, the dollar wallowed just 0.3% above a two-year low hit a day ago. It has lost 3.7% in July so far and is headed for its worst month in nine years.

Gold steadied around $1,960 an ounce, pulling back from a $1,980 high on Tuesday but still having gained nearly $150 in eight sessions. S&P 500 futures were flat.

Copper prices climbed back towards a two-year high hit two weeks ago, on hopes that global stimulus would help industrial demand.

Oil prices steadied after a surprise drop in U.S. inventories pointed to energy demand, even as virus infections surge.

Brent crude futures were last up 0.2% at $43.29 per barrel and U.S. crude was flat at $41.03 a barrel.