Intraday trade: PKR gains 17 paisa against USD

KARACHI: The Pakistani rupee recorded a slight appreciation against the US dollar during early trading hours on Tuesday, gaining 17 paisa or 0.06 per cent to trade at Rs280.43 before 11am in the interbank market.

Despite the marginal uptick, the rupee remains under pressure. Since the start of the current fiscal year, it has depreciated by Rs2.26 or 0.81 per cent. On a calendar year basis, it has weakened by Rs2.05 or 0.73 per cent against the dollar.

In the previous trading session on Monday, the rupee had slipped by 13.32 paisa or 0.05 per cent to close at Rs280.60. It touched an intraday high (bid) of Rs280.65 and a low (ask) of Rs280.60. In the open market, exchange companies quoted the dollar at Rs280.00 for buying and Rs282.15 for selling.

Previous performance against other currencies

The rupee showed mixed performance against other major foreign currencies in Monday’s session:

Japanese Yen: The PKR lost 0.03 per cent, ending at 1.9633 compared to 1.9628 on Friday.

Saudi Riyal: It slipped by 0.07 per cent, closing at 74.77.

British Pound: The PKR fell sharply by Rs3.12 or 0.85 per cent, settling at 369.66.

Euro: It declined by 79.68 paisa or 0.25 per cent, finishing at 319.76.

UAE Dirham: The rupee weakened by 3.73 paisa or 0.05 per cent to Rs76.39.

Chinese Yuan: It fell by 10.66 paisa or 0.28 per cent to Rs38.42.

Swiss Franc: The rupee gained 97.42 paisa or 0.28 per cent, closing at Rs343.29.

Global market trends

Globally, the US dollar remained relatively stable during early Tuesday trading but continued to hover near recent lows. The greenback stayed close to a three-year low against the euro and a six-month low against the Japanese yen, amid uncertainty over US trade policy and tariffs.

Although US Treasury yields rose last week, the dollar remained under pressure, reflecting concerns over investor confidence in US economic direction. On Tuesday, the dollar was up 0.27 per cent against the yen at 143.53, still near Friday’s six-month low of 142.05.

Currency markets, particularly in Asia, were calmer following last week’s volatility, but traders remain cautious due to inconsistent signals from US policymakers.

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