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The Pakistani rupee extended its marginal gains against the US dollar in the interbank market on Monday.
The local unit closed the day at 277.31, a gain of Re0.01 against the greenback.
On Friday, the Pakistani rupee settled at 277.32 against the dollar.
Internationally, the US dollar was steady on Monday with the Japanese yen holding on to its recent sharp gains and hovering near a seven-month high as investors pondered possible rate hikes from the Federal Reserve and Bank of Japan in a pivotal week for monetary policy.
Global policymakers are grappling with erratic pricing pressures from the six-month-long US-Israeli war on Iran that has pushed oil prices well above $100 per barrel and upended the path for rates amid bouts of selloffs in long-end bonds.
The European Central Bank raised rates last week and warned of further hikes, setting the stage for the Fed policy decision on Wednesday and a widely expected rate hike from the BOJ on Friday.
The Bank of England is expected to stand pat on Thursday, but the voting is likely to be close.
Traders ramped up bets for a Fed rate hike after data on Friday showed US consumer prices accelerated in August; they priced in an 86% chance of an increase this week and another move higher later in the year, the CME FedWatch tool showed.
The euro was recently at $1.159, while sterling last bought $1.3524.
The US dollar index, which measures the greenback against six other units, was steady at 99.15 after two straight weeks of meagre declines.
Oil prices, a key indicator of currency parity, rose more than 3% on Monday, after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.
Brent crude futures rose $3.21, or 3.1%, to $107.82 per barrel as of 0340 GMT.
WTI futures gained $3.17, or 3.2%, to $103.22 per barrel.
Inter-bank market rates for dollar on Monday
BID Rs 277.31
OFFER Rs 277.51
Open-market movement
In the open market, the PKR gained 3.00 paisa for buying and lost 8.00 paisa for selling against USD, closing at 278.19 and 279.13, respectively.
Against Euro, the PKR gained 1.51 rupee for buying and 1.10 rupee for selling, closing at 320.60 and 323.94, respectively.
Against UAE Dirham, the PKR gained 3.00 paisa for buying and 1.00 paisa for selling, closing at 75.63 and 76.27, respectively.
Against Saudi Riyal, the PKR gained 2.00 paisa for buying and remained unchanged for selling, closing at 73.94 and 74.48, respectively.
Open-market rates for dollar on Monday
BID Rs 278.19
OFFER Rs 279.13
