Intraday trading: PKR gains nearly 20 paisa against USD

KARACHI: The Pakistani rupee (PKR) experienced a slight gain against the US dollar, rising by 0.07 per cent during early trading in the interbank market on Friday.

In the morning session, the rupee stood at 277.50 per US dollar, marking an increase of Rs0.19.

Since the start of the financial year, the PKR has appreciated by 65.43 paisa, or 0.24 per cent, against the dollar. In the current calendar year, the rupee has strengthened by Rs4.17, or 1.5 per cent. On Thursday, the currency had closed at 277.69, according to data from the State Bank of Pakistan (SBP).

Globally, the US dollar struggled on Friday and seemed poised for its third consecutive monthly decline. Investors are assessing US economic data to predict potential interest rate cuts, while stimulus measures in China helped boost risk-sensitive currencies.

In Thursday’s interbank session, the PKR gained 15.92 paisa, or 0.06 per cent, against the dollar, closing at 277.69 compared to the previous day’s close of 277.85.

Here’s a summary of the rupee’s performance against major foreign currencies on last two trading days:

– Swiss Franc: The rupee gained Rs1.72, closing at 327.23 on Thursday, compared to 328.95.

– Euro: The PKR strengthened by Rs1.93, ending the day at 309.02, down from 310.95.

– Saudi Riyal: The rupee slipped by 3.36 paisa, settling at 74.02 from 74.05.

– Japanese Yen: The rupee rose by 1.56 paisa, closing at 1.915 against the previous day’s 1.9306.

– UAE Dirham: The PKR weakened by 4.34 paisa, ending at 75.65 compared to 75.60.

– Chinese Yuan: The rupee lost 2.81 paisa, closing at 39.55 from 39.58.

– British Pound: The rupee gained Rs1.73, closing at 370.32 compared to 372.05 the day before.

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