Intraday trade: PKR gains 20 paisa against USD

KARACHI: The Pakistani rupee (PKR) recorded a slight improvement against the US dollar (USD), appreciating by 0.07 per cent during early trading hours on Thursday.

By 11:00 AM, the currency was trading at Rs278.27, marking a 20 paisa gain against the greenback.

The currency market remained closed on Wednesday due to the observance of Christmas and Quaid-e-Azam Day.

During the ongoing fiscal year, the PKR has depreciated by 12.95 paisa or 0.05 per cent against the USD, while it has strengthened by Rs3.39 or 1.22 per cent since the beginning of 2024.

On the international front, the US dollar held near a two-year high against a basket of currencies, standing at 108.15, and was on track for a monthly gain of over 2 per cent.

The Australian and New Zealand dollars were among the biggest losers against the strong US dollar on Thursday, with the Aussie dropping 0.45 per cent to $0.6241, and the Kiwi sliding 0.51 per cent to $0.5650.

The euro dipped 0.18 per cent to $1.0398, while the Japanese yen hovered near a five-month low, last standing at 157.45 against the USD.

Following remarks by Federal Reserve Chair Jerome Powell at the central bank’s final policy meeting of the year, traders are now anticipating only around 35 basis points of rate cuts for 2025. This outlook has lifted US Treasury yields and bolstered the US dollar, posing challenges for commodities and gold.

Previous session overview

Below is how the PKR performed against the USD and other major currencies in Tuesday’s interbank session:

The PKR appreciated by 9.70 paisa or 0.03 per cent against the USD, closing at Rs278.47, compared to the previous close of Rs278.57.

Against the Japanese yen, the PKR gained 0.61 paisa or 0.34 per cent, ending the session at Rs1.7722 versus Rs1.7783 a day earlier.

The PKR strengthened by 74.15 paisa or 0.26 per cent against the euro, closing at Rs289.44 compared to Rs290.18 in the previous session.

It appreciated by Rs1.98 or 0.63 per cent against the Swiss franc, closing at Rs309.43.

The PKR gained 81.81 paisa or 0.23 per cent against the British pound, settling at Rs349.10, up from Rs349.92.

It weakened slightly by 0.78 paisa or 0.01 per cent against the Saudi riyal, closing at Rs74.13.

The PKR gained 1.20 paisa or 0.03 per cent against the Chinese yuan, closing at Rs38.15, compared to Rs38.16.

It also appreciated by 2.64 paisa or 0.03 per cent against the UAE dirham, closing at Rs75.82.

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