Intraday trade: PKR rises by 31 paisa against USD

KARACHI: The Pakistani rupee (PKR) saw slight improvement against the US dollar (USD) on Friday, gaining 0.11 per cent in the early hours of trading in the interbank market.

By the morning, the rupee was trading at Rs277.65, marking an increase of Re0.31 compared to the previous close.

Globally, the US dollar remained near its 13-month high as investors evaluated the Federal Reserve’s interest rate outlook. Uncertainty in Europe kept the euro under pressure, while bitcoin hovered close to the $100,000 mark.

For the current fiscal year, the PKR has gained 38.22 paisa or 0.14 per cent against the US dollar. On a calendar-year basis, the currency has appreciated by 3.90 rupees or 1.40 per cent.

In Thursday’s interbank session, the PKR appreciated by 8.33 paisa or 0.03 per cent, closing at Rs277.96 against the USD, compared to Rs278.04 the previous day.

In terms of other major currencies, the PKR gained 1.06 rupees or 0.36 per cent against the euro, closing at Rs292.90 from Rs293.96. It also strengthened against the British pound, rising by 1.51 rupees or 0.43 per cent to end the session at Rs351.41, compared to Rs352.92 a day earlier.

However, the rupee weakened against some currencies. It fell by 42.19 paisa or 0.13 per cent against the Swiss franc, closing at Rs314.75. Against the Japanese yen, the PKR dropped by 1.01 paisa or 0.57 per cent to close at Rs1.7959.

Additionally, the rupee showed a slight depreciation of 0.20 paisa or 0.01 per cent against the Chinese yuan, closing at Rs38.40.

On a positive note, it gained 1.92 paisa or 0.03 per cent against the Saudi riyal to settle at Rs74.04, and it rose by 2.27 paisa or 0.03 per cent against the UAE dirham, closing at Rs75.68.

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