US dollar continues climb against rupee, edges up to Rs167.6 in interbank

Business Report

KARACHI: The United States dollar continued its gains against the rupee on Monday in the intraday trade as it rose by a further Rs0.32.

According to forex dealers, the dollar gains 0.32 paisa and is currently trading at Rs167.65 against the domestic currency at the interbank foreign exchange market.

Gold prices steadied on Monday to hold firm above the psychological level of $1,800 per ounce, as worries over surging coronavirus cases around the world underpinned its safe-haven appeal, although a stronger dollar capped gains.

Spot gold was steady at $1,808.92 per ounce by 0721 GMT. U.S. gold futures were little changed at $1,809.50.

The dollar index rose 0.2% against its rivals, making gold more expensive for holders of other currencies. Coronavirus cases continue to surge in the United States, adding to concerns over the recovery of the global economy from the effects of the pandemic, which has so far infected more than 14 million people worldwide.

Underscoring the impact of the virus, Japan’s exports plunged 26.2% in June from a year earlier, Ministry of Finance data showed on Monday.

Markets are eyeing the European Union Summit for trading cues, with leaders at an impasse over carving up a proposed 750 billion euro ($858.30 billion) recovery fund to revive economies.

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