Intraday trading: PKR remains largely unchanged against USD
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- Web Desk
- Sep 02, 2024
KARACHI: On Monday, the Pakistani rupee (PKR) showed minimal change against the US dollar (USD) in early trading in the inter-bank market.
In the morning, the PKR was valued at 278.53 per USD, reflecting a minor increase of Re0.01.
Globally, the US dollar reached a two-week high against the euro as traders adjusted their expectations regarding the Federal Reserve’s potential policy easing. Attention is now shifting to an important US jobs report due later this week.
Previous closing
Last week, the rupee saw a slight depreciation, losing Re0.04, which amounts to a 0.01 per cent drop against the dollar. The currency ended the week at 278.54, slightly lower than the previous week’s closing rate of 278.50, according to the State Bank of Pakistan (SBP).
In comparison with other major currencies, here’s how PKR performed on the last trading day:
| Currency | Friday’s closing | Change | Thursday’s closing |
| Saudi Riyal | 74.23 | -2.78 paisa | 74.26 |
| UAE Dirham | 75.86 | +2.85 paisa | 75.84 |
| British Pound | 367.35 | -72.28 paisa | 368.07 |
| Euro | 308.8 | -79.84 paisa | 309.6 |
| Swiss Franc | 328.41 | -2.35 rupees | 330.75 |
| Chinese Yuan | 39.29 | +9.14 paisa | 39.2 |
| Japanese Yen | 1.921 | -0.5 paisa | 1.926 |
Saudi Riyal to PKR: The Saudi Riyal closed at 74.23, down by 2.78 paisa from 74.26.
UAE Dirham to PKR: The UAE Dirham increased by 2.85 paisa, closing at 75.86 from 75.84.
British Pound to PKR: The British Pound decreased by 72.28 paisa, ending at 367.35 compared to 368.07.
Euro to PKR: The Euro saw a decline of 79.84 paisa, with the rupee closing at 308.8 from the previous value of 309.6.
Swiss Franc to PKR: The Swiss Franc dropped by 2.35 rupees, closing at 328.41 compared to 330.75.
Chinese Yuan: to PKR: The Chinese Yuan increased by 9.14 paisa, closing at 39.29 from 39.2.
Japanese Yen to PKR: The Japanese Yen also saw a minor increase of 0.5 paisa, ending at 1.921 from 1.926.
For the current financial year, the rupee has depreciated by 19.67 paisa or 0.07 per cent against the dollar. However, since the beginning of this calendar year, the rupee has appreciated by 3.32 rupees or 1.19 per cent.
Recently, the PKR has been relatively stable, fluctuating between 277 and 279 against the dollar, as traders monitor positive economic indicators and await the International Monetary Fund’s final approval of a new $7 billion Extended Fund Facility.
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