Pakistani rupee gains marginally against US dollar in early trade

KARACHI: On Thursday, the value of the US dollar (USD) in the interbank market dropped by four paisa versus Pakistani rupee (PKR) in early trade, bringing it to Rs277.80, as reported by forex dealers.

Around 11 AM, PKR was recorded 19 paisa up against USD, reflecting a 0.7 per cent improvement at Rs277.65 per USD.

In the current fiscal year, the PKR has appreciated against the dollar, gaining 59.89 paisa, which is an increase of 0.22 per cent.

Since the start of this calendar year, the PKR has risen by Rs4.12, reflecting a 1.48 per cent improvement.

Performance overview from previous trading day

In Wednesday’s interbank trading session, the PKR depreciated by 10 paisa, or 0.04 per cent, against the US dollar, closing at PKR 277.84 per USD, compared to the previous day’s closing rate of PKR 277.74.

Comparative performance against other currencies

When compared to other foreign currencies, the PKR showed mixed results on Wednesday. It appreciated against the British Pound, gaining 2.12 rupees (0.58 per cent) to close at PKR 361.10, up from PKR 363.22 the previous day.

The local currency also rose against the Euro, increasing by 71.06 paisa (0.23 per cent) to settle at PKR 302.33, compared to the earlier value of PKR 303.04.

However, the PKR experienced a slight decline against the Saudi Riyal, falling by 2.46 paisa (0.03 per cent) to close at PKR 74.00. In contrast, it gained 46.33 paisa (0.14 per cent) against the Swiss franc, ending the session at PKR 321.99.

The PKR also rose against the Japanese Yen, with an increase of 0.39 paisa (0.21 per cent), closing at PKR 1.8593, up from PKR 1.8632 the previous day.

Lastly, the PKR gained 0.65 paisa (0.02 per cent) against the Chinese Yuan, closing at PKR 39.03, while it fell by 2.73 paisa (0.04 per cent) against the UAE Dirham, settling at PKR 75.64.

Read next: LHC tells FBR to form experts’ panel for better tax laws