Intraday update: PKR edges up 28 paisa against USD

KARACHI: The Pakistani rupee (PKR) saw a modest uptick against the US dollar (USD) in early trade on Friday (April 11), the last trading day of the week, gaining 0.1 per cent in the interbank market.

By around 11:00 AM, the local currency was trading at Rs280.28 per dollar, after appreciating by 28 paisa compared to the previous day’s close.

At the same time, the Pakistan Stock Exchange (PSX) was under pressure, shedding 455 points, or 0.39 per cent, to trade at 115,733.89.

Despite the day’s improvement, the rupee has lost Rs2.22 or 0.79 per cent against the greenback since the start of the current fiscal year. Since the beginning of 2025, it has declined by Rs2.01, reflecting a 0.72 per cent depreciation.

Global market movement

On the international front, the US dollar came under significant pressure on Friday as investor confidence in the American economy waned. This led to a shift toward traditional safe-haven assets such as the Swiss franc, Japanese yen, euro, and gold.

Gold surged to a new all-time high, while the Swiss franc reached its strongest level in a decade.

The slide in the dollar followed a volatile stretch in global markets. Wall Street reversed course on Thursday after a brief rally the previous day when President Donald Trump unexpectedly paused plans for higher tariffs on several trading partners. The sudden shift in tone left global leaders and businesses struggling to interpret policy direction, fuelling uncertainty in markets.

The dollar fell as much as 1.2 per cent against the Swiss franc to 0.81405 — a level not seen since January 2015 — adding to Thursday’s nearly 4 per cent drop. Meanwhile, longer-term US Treasury bonds also saw sell-offs, with 10-year yields headed for their steepest weekly rise since 2001.

PKR’s performance a day earlier

On Thursday (April 10), the rupee had already gained 21.69 paisa or 0.08 per cent in interbank trading, closing at Rs280.56 against the dollar, compared to Wednesday’s close of Rs280.77.

Here’s how the rupee fared against other major currencies on Thursday:

Saudi Riyal: Gained 5.19 paisa (0.07 per cent) to close at Rs74.74

UAE Dirham: Rose 5.80 paisa (0.08 per cent) to settle at Rs76.38

Swiss Franc: Appreciated by Rs1.88 (0.57 per cent), ending at Rs330.01

Japanese Yen: Increased by 0.89 paisa (0.46 per cent) to Rs1.9180

Chinese Yuan: Slight dip of 0.19 paisa (0.00 per cent), closing at Rs38.20

British Pound: Dropped Rs2.01 (0.56 per cent) to Rs361.12

Euro: Declined by 40.67 paisa (0.13 per cent), ending at Rs309.26

The rupee’s movement remains closely tied to global market cues, domestic economic indicators, and policy developments both at home and abroad.

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