Intraday trade: PKR gain 12 paisa against USD

KARACHI: The Pakistani rupee (PKR) posted a modest gain against the US dollar (USD) in early interbank trade on Monday, offering a brief reprieve after a week of steady depreciation.

By mid-morning, the local currency was trading at 284.75 against the USD, up by 12 paisa or 0.04 per cent. The improvement followed a week where the rupee had slipped by 41 paisa, settling at 284.87 by Friday, compared to 284.46 a week earlier, according to the State Bank of Pakistan (SBP).

So far in the current fiscal year, the PKR has weakened by Rs1.10 or 0.39 per cent. Since January 2025, it has lost Rs6.32, marking a 2.22 per cent decline against the greenback.

Previous PKR close and performance against other foreign currencies

In Friday’s session, the PKR had ended with a slight gain of around 10 paisa, closing at 284.87 versus USD. However, its performance against other major currencies was mixed.

The rupee firmed slightly against the UAE dirham and Saudi riyal, closing at 77.56 and 75.94 respectively. It also inched up marginally against the Chinese yuan, settling at 39.69.

On the flip side, the local currency lost ground against the euro, British pound, and Swiss franc. It dropped Rs1.21 against the euro to 331.54, and weakened by Rs1.41 versus the pound to close at 382.80. Against the Swiss franc, the rupee shed 87 paisa to end at 355.24.

Meanwhile, international currency markets remained tense as political developments in Japan stirred concerns. The Japanese yen strengthened after the country’s ruling coalition lost its upper house majority, raising fears of policy deadlock. With Japanese markets closed for the day, the yen’s early gains were viewed as a barometer of investor unease.

Globally, the focus remained on US trade policy. According to a report by the Financial Times, President Donald Trump is pushing for new tariffs on European Union goods. US Commerce Secretary Howard Lutnick stated on Sunday that Washington is aiming for a trade deal with the EU before the August 1 deadline, after which new tariffs could come into force.

The euro dipped 0.12 per cent to $1.1616, while the British pound was last seen at $1.1342. The dollar index, which tracks the greenback against six major currencies, stood at 98.352.

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