Intraday trading: PKR marginally weakens against US dollar

KARACHI: The Pakistani rupee (PKR) experienced a slight decline of 0.03 per cent against the US dollar during early trading in the interbank market on Wednesday.

By mid-morning, the rupee was trading at PKR 278.42 per US dollar, reflecting a decrease of PKR 0.08 from the previous day’s closing rate of PKR 278.34, according to data from the State Bank of Pakistan (SBP).

On Tuesday, the rupee had ended the session at PKR 278.34 against the dollar.

In comparison to other major currencies, the PKR showed mixed performance on the previous trading day (Tuesday).

The rupee weakened by 89.16 paisa against the Euro, closing at PKR 308.39 compared to PKR 307.50 on Monday. Similarly, the British Pound became costlier by 73.32 paisa, ending the day at PKR 361.83, up from PKR 361.10.

The Swiss franc saw a gain of PKR 1.35, closing at PKR 323.79, while against the Japanese yen, the rupee appreciated by 0.86 paisa, settling at PKR 1.8977, compared to PKR 1.9063 the day before.

The Saudi Riyal closed at PKR 74.19, losing 1.48 paisa from its previous value of PKR 74.20, while the UAE Dirham decreased by 2.52 paisa, finishing at PKR 75.81.

The Chinese Yuan also saw a decline, closing at PKR 38.96 after losing 3.72 paisa from its previous session’s value of PKR 39.00.

In recent months, the PKR has generally fluctuated within the PKR 277-279 range against the US dollar, with market participants keeping a close watch on positive economic indicators.

Over the current financial year, the rupee has depreciated by 0.11 paisa, representing a 0 per cent change. However, during the current calendar year, the PKR has appreciated by PKR 3.52, an increase of 1.26 per cent.

Read next: Gold price increases to new all-time high in Pakistan