Intraday trade: PKR shows marginal gain against USD 

KARACHI: The Pakistani rupee (PKR) maintained a largely stable position against the US dollar (USD) in early trading on Monday, with only a marginal gain of two paisa, according to currency exchange dealers. 

By mid-morning, the rupee was being quoted at Rs281.95 against the greenback, reflecting a negligible appreciation of 0.01 per cent. The local currency has shown relative stability in recent months. Since the beginning of the current fiscal year, it has depreciated by Rs3.63 or 1.29 per cent. Since January 2025, the rupee has weakened by Rs3.42 or 1.21 per cent against the dollar. 

Internationally, the euro and USD climbed against traditional safe-haven currencies, such as the Japanese yen and Swiss franc, after former US President Donald Trump extended a deadline for a trade agreement with the European Union. 

Trump’s announcement on Sunday, following a conversation with European Commission President Ursula von der Leyen, pushed the tariff threat from June 1 to July 9, marking the conclusion of a 90-day suspension of the so-called “Liberation Day” tariffs. 

The sudden shift, coming just two days after Trump had reiterated the possibility of steep 50 per cent tariffs, served as a stark reminder of the unpredictability of US trade policy. Nonetheless, the development offered investors some relief, raising hopes for a resolution and easing concerns over a broader global economic slowdown. 

Meanwhile, at the Pakistan Stock Exchange, the benchmark KSE-100 index dipped by 176.74 points to reach 118,925.93 by 11:11 AM. During intraday trading, it hit a high of 119,290.94 and a low of 118,644.20. 

PKR’s performance last week 

In the interbank market, the rupee closed Friday’s session slightly stronger, gaining 9.07 paisa or 0.03 per cent to settle at Rs281.97 against the dollar. The previous week’s closing rate was Rs282.06, according to the SBP.

Throughout the session, the rupee traded within a narrow range, hitting an intraday high of Rs282.05 and a low of Rs281.95. 

Currency exchange companies last week were quoting the dollar at Rs283 for buying and Rs284.15 for selling. 

PKR’s movement against other currencies 

The rupee showed mixed performance against other foreign currencies: 

Saudi Riyal: Up 2.42 paisa (0.03 per cent), closing week at Rs75.17 

Chinese Yuan: Down 8.24 paisa (0.21 per cent), ending at Rs39.23 

British Pound: PKR fell by Rs1.36 (0.36 per cent), settling at Rs380.18 

Swiss Franc: Gained 73.06 paisa (0.21 per cent), closing at Rs341.25 

Japanese Yen: Increased by 0.48 paisa (0.24 per cent), reaching Rs1.9668 

UAE Dirham: Rose by 2.26 paisa (0.03 per cent), finishing at Rs76.77 

Euro: Declined by 37.67 paisa (0.12 per cent), closing at Rs319.74 

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