- Web Desk
- 10 Hours ago
Intraday trading: PKR rises 0.05 per cent against USD
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- Web Desk
- Sep 10, 2024
KARACHI: The Pakistani rupee (PKR) saw a slight improvement against the US dollar (USD), rising by 0.05 per cent in early trading on Tuesday in the inter-bank market.
By mid-morning, the rupee was trading at 278.57 per dollar, showing an increase of Re0.13 from Monday’s closing rate of 278.70, according to data from the State Bank of Pakistan (SBP).
Performance against other currencies on Monday
On Monday, the PKR showed mixed performance against several major currencies:
| Currency | Previous rate | Monday’s rate | Difference |
| Saudi Riyal (SAR) | 74.21 | 74.26 | 4.75 paisa |
| UAE Dirham (AED) | 75.88 | 75.84 | 3.64 paisa |
| British Pound (GBP) | 367.19 | 365.22 | 1.97 rupees |
| Swiss Franc (CHF) | 330.82 | 329.37 | 1.44 rupees |
| Japanese Yen (JPY) | 1.9549 | 1.9475 | 0.74 paisa |
| Chinese Yuan (CNY) | 39.32 | 39.19 | 12.96 paisa |
| Euro (EUR) | 309.58 | 308.21 | 1.37 rupees |
Swiss Franc (CHF): The rupee strengthened by 1.44 rupees, with the franc closing at 329.37, down from 330.82.
Japanese Yen (JPY): The rupee appreciated by 0.74 paisa, closing at 1.9475 compared to 1.9549 in the previous session.
Euro (EUR): PKR gained 1.37 rupees, finishing at 308.21 against 309.58 a day earlier.
British Pound (GBP): The rupee strengthened by 1.97 rupees, closing at 365.22 compared to Monday’s 367.19.
Saudi Riyal (SAR): The rupee rose slightly, gaining 4.75 paisa, closing at 74.26 against 74.21.
UAE Dirham (AED): The rupee gained 3.64 paisa, ending at 75.84 from the previous day’s 75.88.
Chinese Yuan (CNY): The rupee weakened, losing 12.96 paisa to close at 39.19, down from 39.32.
The rupee has been trading within a range of 277-279 against the US dollar in recent months. This stability is attributed to optimism surrounding the approval of a $7-billion Extended Fund Facility (EFF) from the International Monetary Fund (IMF).
Since the start of the financial year, the PKR has depreciated by 35.88 paisa (0.13 per cent) against the dollar. However, it has appreciated by 3.16 rupees (1.13 per cent) during the calendar year.
On the global stage, the US dollar remained stable on Tuesday. The Japanese yen edged lower from its one-month high as investors awaited upcoming US inflation data and reassessed the likelihood of a significant interest rate cut by the Federal Reserve in the coming week.
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