Pakistani rupee up by 7 paisa against US dollar in early trade

KARACHI: The Pakistani rupee (PKR) on the second trading day of the week was once again seen stable against the US dollar (USD) in early trading hours.

The PKR in the morning was recorded at Rs277.72, about 0.03 per cent or seven paisa up against the American currency.

For now, it remains to be seen if the local currency will close with gains or losses but it seems like it will close the trading session in green with slight appreciation following 250 bps rate cut announcement by the State Bank of Pakistan (SBP).

In the previous trading session, the PKR ended the day at Rs277.79 versus dollar after rising 8.76 paisa (0.03 per cent).

In the ongoing fiscal year, Pakistani currency has climbed by 55.36 paisa (0.20 per cent) versus the dollar. Since the start of 2024, PKR has gone up by Rs4.07 (1.47 per cent) against the greenback.

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