Intraday trade: Pakistani rupee gains three paisa against US dollar

KARACHI: The Pakistani rupee (PKR) remained mostly stable against the US dollar (USD), appreciating by a marginal 0.01 per cent during early trading in the interbank market on Thursday.

In the morning, the PKR stood at Rs277.93, marking a slight increase of three paisa against the greenback.

Since the start of the fiscal year, the rupee has strengthened by 37.83 paisa or 0.14 per cent against the dollar. So far in the calendar year, the PKR has gained Rs3.90, reflecting a 1.40 per cent rise.

On the global front, the euro held on to its sharpest increase in four months following hawkish comments from a central bank official.

Meanwhile, the yen is heading toward its strongest week in three months amid growing speculation that Japan might raise interest rates in December.

These developments have slowed the dollar’s upward momentum, especially with trading expected to remain light due to the US Thanksgiving holiday.

The reduced corporate dollar buying, coupled with an easing in US yields after a modest 0.2 per cent increase in personal consumption expenditure, pushed the dollar lower.

The US dollar index fell nearly 0.8 per cent overnight, settling at 106.13.

Wednesday’s closing

On the previous trading day, the PKR declined by 12.17 paisa or 0.04 per cent against the USD, closing at Rs277.96 compared to the previous day’s Rs277.84.

PKR versus other major foreign currencies

The PKR weakened by 86.42 paisa or 0.30 per cent against the euro, closing at Rs291.99.

Against the British pound, it fell by Rs1.57 or 0.45 per cent, closing at Rs350.19.

It dropped by Rs1.25 or 0.40 per cent against the Swiss franc, ending at Rs314.58.

The PKR also decreased by 2.79 paisa or 1.55 per cent against the Japanese yen, finishing at 1.8333.

Against the Chinese yuan, it weakened by 5.82 paisa or 0.15 per cent, closing at Rs38.34.

The local currency slipped by 0.68 paisa or 0.01 per cent against the Saudi riyal to Rs74.00.

It also declined by 3.32 paisa or 0.04 per cent against the UAE dirham, closing at Rs75.68.

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