Intraday trade: PKR remains largely stable against USD

KARACHI: The Pakistani rupee (PKR) remained largely stable against the US dollar (USD) during the early hours of trading in the interbank market on Wednesday, according to currency exchange companies.

Before 11:00 AM, the local currency stood at Rs281.68, having lost only one paisa against the greenback.

In terms of losses, the PKR has weakened by Rs3.33, or 1.18 per cent, against the USD in the current fiscal year. Since the beginning of 2025, it has fallen by Rs3.12, or 1.11 per cent.

On the international front, the US dollar stabilised on Wednesday following its largest decline in over three weeks the previous day. Softer-than-expected US consumer inflation data has strengthened expectations for a potential easing of monetary policy by the Federal Reserve, while global trade tensions have shown signs of easing.

While US inflation is expected to rise in the coming months due to increased tariffs on imported goods, the trade outlook has improved following a recent agreement with Britain and a weekend truce with China, resulting in a 90-day suspension of their ongoing tariff dispute.

Previous closing

According to the State Bank of Pakistan (SBP), the PKR weakened by 10.60 paisa, or 0.04 per cent, against the US dollar in Tuesday’s interbank session, closing at Rs281.67 per USD, compared to the previous closing of Rs281.57. During the day, the currency reached an intraday high (bid) of Rs281.70 and a low (ask) of Rs281.60.

In the open market, exchange companies quoted the American currency at Rs282.51 for buying and Rs283.71 for selling.

Performance against other currencies (May 13, 2025):

The Pakistani rupee also showed mixed performance against other major foreign currencies on the previous trading day:

It weakened by 2.92 paisa, or 0.04 per cent, against the Saudi Riyal, closing at Rs75.9.

Against the Chinese Yuan, the rupee fell by 10.03 paisa, or 0.26 per cent, to Rs39.13, from Rs39.02.

The local currency dropped by Rs1.77, or 0.53 per cent, against the Swiss franc, closing at Rs335.12.

The PKR depreciated by 25.87 paisa, or 0.08 per cent, against the Euro, closing at Rs313.12, compared to Rs312.86.

Against the UAE Dirham, the rupee weakened by 3.31 paisa, or 0.04 per cent, to close at Rs76.69.

The PKR fell by Rs1.10, or 0.30 per cent, against the British Pound, closing at Rs372.17 compared to Rs371.08 the previous day.

Against the Japanese Yen, the rupee declined by 0.07 paisa, or 0.04 per cent, closing at Rs1.9050, down from Rs1.9043.

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