Intraday trading: Pakistani rupee gains 14 paisa against US dollar

KARACHI: The Pakistani rupee (PKR) made a slight gain against the US dollar (USD) during the early trading hours in the inter-bank market on Wednesday, appreciating by 0.05 per cent.

By morning, the local currency was trading at 277.47 per USD, up by 0.14 rupees from the previous day’s rate.

On Tuesday, the rupee had settled at 277.69, as reported by the State Bank of Pakistan (SBP), reflecting a small increase of 2.62 paisa, or 0.01 per cent, compared to the previous close of 277.71.

PKR’s performance over the last two trading days

The PKR also showed mixed performance against other major currencies on Tuesday. The British Pound fell by 1.73 rupees, ending at 370.39 compared to 372.12 on Monday. The Swiss Franc declined by 1.74 rupees, closing at 327.56 from the previous 329.3.

Against the Euro, the rupee gained 2.03 rupees, closing at 308.64, compared to the previous rate of 310.66. The UAE Dirham slightly increased by 0.71 paisa, reaching 75.61 from 75.6. Against the Japanese Yen, the PKR rose by 2.39 paisa, finishing at 1.926 compared to 1.9499.

The Saudi Riyal dipped slightly by 1.29 paisa, closing at 74.02, while the Chinese Yuan saw a decrease of 2.6 paisa, ending at 39.57.

Overall, during the current fiscal year, the PKR has appreciated by 65.43 paisa or 0.24 per cent against the US dollar. In the current calendar year, it has strengthened by 4.17 rupees, marking a 1.5 per cent increase.

Read next: What are the PTA approval charges for iPhone 16 models?