Rupee sees marginal gain against US dollar

The Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Monday. At close, the local currency settled at 279.61 against the greenback.On Friday, the local currency closed at 279.62, according to the State Bank of Pakistan (SBP). Internationally, the Japanese yen started the week on the back foot after strong gains last week on easing fiscal worries, while the US dollar was steady as soft inflation data boosted the case for interest rate cuts from the Federal Reserve later this year. Liquidity is likely to be thin with markets in the US, China, Taiwan and South Korea closed for a holiday. The yen eased 0.2% to 153.07 per U.S. dollar in early trading on Monday after climbing nearly 3% last week, its biggest weekly jump in about 15 months in the wake of Prime Minister Sanae Takaichi’s landslide election victory. The US dollar was meanwhile headed for a weekly loss, pressured by a confluence of factors including strength in other currencies, as well as some doubts about the robustness of the US economy.