Intraday trading: PKR strengthens marginally against USD

KARACHI: The Pakistani rupee (PKR) showed a slight improvement against the US dollar (USD) during early trading hours on Tuesday, appreciating by 0.07 per cent in the inter-bank market.

In the morning, the local currency was trading at 278.25 against the USD, marking an increase of Re0.19 from the previous day’s closing rate of 278.44, as reported by the State Bank of Pakistan (SBP).

On the last trading day (Monday), the PKR displayed mixed performance against other major currencies:

British Pound to PKR: The currency weakened by Rs2.29, ending at 361.1 from the prior value of 358.8.

Euro to PKR: The PKR depreciated by Rs1.49, closing at 307.5 compared to 306.01.

Swiss Franc to PKR: The PKR fell by Rs2.11, closing at 322.44 against 320.33.

Japanese Yen to PKR: The rupee lost 3.66 paisa, settling at 1.9063 compared to 1.8697.

Saudi Riyal to PKR: A minor loss of 2.67 paisa was recorded, with the currency closing at 74.2 from 74.23.

UAE Dirham to PKR: The rupee depreciated by 2.51 paisa, ending at 75.83, down from 75.81.

Chinese Yuan to PKR: The rupee saw a slight drop of 16.8 paisa, closing at 39, down from 38.83.

Over the past few months, the PKR has mostly fluctuated between 277-279 against the dollar, with traders closely monitoring several positive economic indicators.

For the current financial year, the rupee has depreciated by 0.04 per cent or 10.11 paisa against the dollar. However, since the beginning of the calendar year, it has appreciated by Rs3.42, an increase of 1.23 per cent.

Meanwhile, uncertainty looms over the final approval of Pakistan’s $7 billion bailout package from the International Monetary Fund (IMF).

The IMF Executive Board’s schedule up to August 28 has been released, but Pakistan’s name is notably absent from the agenda, raising concerns about the timing of the loan disbursement.