Intraday trading: PKR experiences slight depreciation against USD

KARACHI: The Pakistani rupee (PKR) remained relatively stable against the US dollar (USD) on Wednesday, registering a marginal depreciation of 0.01 per cent during early trading in the inter-bank market.

In the morning session, the rupee traded at 278.73 against the dollar, reflecting a slight decline of 3 paisa compared to its previous close. On Tuesday, the rupee had settled at 278.70 against the dollar, as per the State Bank of Pakistan (SBP).

Here’s how the Pakistani rupee performed against other major currencies during the previous trading day:

Saudi Riyal (SAR): The rupee slightly depreciated by 1.32 paisa, with the Riyal closing at 74.27 compared to 74.25 the day before.

UAE Dirham (AED): The rupee also weakened by 1.55 paisa, with the Dirham ending the day at 75.86, down from 75.88.

Euro (EUR): The rupee gained strength, appreciating by 25.75 paisa to close at 308.19, compared to 308.44 on the previous day.

British Pound (GBP): The rupee appreciated by 37.11 paisa, with the Pound closing at 365.72, down from 366.10 a day earlier.

Chinese Yuan (CNY): The rupee depreciated slightly by 3.91 paisa, closing at 39.16 against 39.20 from the previous session.

Japanese Yen (JPY): The rupee lost 0.72 paisa, with the Yen closing at 1.9091 compared to 1.9019 the previous day.

Swiss Franc (CHF): The rupee saw a significant depreciation, losing Rs.1.43 to close at 326.67, down from 328.10.

In recent months, the Pakistani rupee has hovered around the 277-279 range as market participants closely monitor developments regarding the International Monetary Fund’s (IMF) $7 billion Extended Fund Facility (EFF).

The IMF has not yet scheduled Pakistan for discussion at its Executive Board meetings, which are set to continue until September 13.

Read next: IMF keeps Pakistan off agenda until September 13