Intraday trade: PKR declines nine paisa against USD

KARACHI: The Pakistani rupee (PKR) witnessed marginal decline against the US dollar (USD) on first trading day of the week as it depreciated 0.03 per cent during the early hours of trading on Monday.

The rupee was hovering at Rs277.83 in the morning after a loss of nine paisa against the dollar.

During the previous week, the home unit remained largely stable against the greenback in the interbank market.

The PKR strengthened 20.87 paisa or 0.08 per cent against the US dollar in Friday’s interbank session to settle the trade at Rs277.74 per USD, compared to previous closing of Rs277.95.

In the current fiscal year, PKR has rose versus the USD by 60.38 paisa or 0.22 per cent. On the other hand, PKR has gained Rs4.12 or 1.48 per cent since the start of 2024.

The US dollar edged higher as markets braced for US inflation data and a throng of Federal Reserve speakers this week.

Read next: Global oil prices continue to fall amid eased supply concerns