Intraday trade: PKR gains 22 paisa against USD

KARACHI: The Pakistani rupee (PKR) appreciated by 0.08 per cent against the US dollar (USD) during early trading hours in the inter-bank market on Friday. As of 9:54am, the rupee was trading at Rs280, reflecting a gain of 22 paisa against the greenback.

On Thursday, the rupee had closed at Rs280.22, marking a 0.02 per cent increase from its previous close of Rs280.26. Throughout that session, the rupee touched an intraday high (bid) of Rs280.30 and a low (ask) of Rs280.20. In the open market, the dollar was quoted at Rs279.50 for buying and Rs282.10 for selling.

So far in the current fiscal year, the PKR has depreciated by Rs1.88, or 0.67 per cent, against the USD. Since the beginning of the calendar year 2025, the rupee has weakened by Rs1.67, or 0.60 per cent.

On the international front, the US dollar was heading for a steady week on Friday, with a quarterly loss expected next week. Concerns over tariffs potentially slowing US economic growth have led to a decline in US yields, stocks, and the currency.

Meanwhile, the euro, trading just below $1.08, is poised for its largest quarterly gain in over a year, appreciating by more than 4 per cent since the start of 2025.

This rally has been driven by a combination of factors, including optimism surrounding peace prospects in Ukraine, dollar weakness, and a rise in German benchmark yields.

Read next: Oil holds near one-month high, set for third week of gains amid supply woes