Intraday trading: PKR edges up 0.09 per cent against US dollar

WEB DESK: The Pakistani rupee (PKR) saw a modest gain of 0.09 per cent against the US dollar (USD) during early trading hours in the inter-bank market on Friday.

By mid-morning, the local currency was trading at 278.43 per USD, reflecting an increase of Re0.24 from the previous day’s closing value of 278.67, as per data from the State Bank of Pakistan (SBP).

Exchange rates: Pakistani rupee against other currencies

In contrast to other major currencies on Thursday, the British pound surged by Rs2.5, closing at 365.1 compared to 362.6 from the previous session. Meanwhile, the PKR weakened against the Euro, dropping by Rs1.05 to close at 310.65 from 309.59 a day earlier.

The rupee also lost ground against the Japanese yen, declining by 1.02 paisa to 1.9165, down from 1.9063. On the other hand, the Swiss franc rose by Rs2.6, finishing at 328.04, up from 325.44 in the previous session.

Among other currencies, the Saudi riyal gained 3.87 paisa, ending the day at 74.27 compared to 74.23 on Thursday.

The UAE dirham increased by 4.06 paisa to close at 75.83, up from 75.87 a day earlier. Additionally, the Chinese yuan appreciated by 3.1 paisa, closing at 39.06 against 39.03 in the previous session.

For the current financial year, the PKR has depreciated by 32.82 paisa, or 0.12 per cent, against the USD. However, the domestic currency has appreciated by Rs3.19, or 1.15 per cent, since the start of the calendar year.

In recent months, the PKR has largely fluctuated within the 277-279 range against the USD, as traders closely monitor positive developments and await approval from the International Monetary Fund’s (IMF) Executive Board regarding a new $7 billion Extended Fund Facility.

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