Intraday trading: PKR declines 0.3 per cent against USD

KARACHI: The Pakistani rupee (PKR) recorded a 0.3 per cent depreciation against the US dollar (USD) during the early hours of trading in the interbank market on Friday, the last trading day of the week.

The Pakistani currency was trading at 279.40 in the morning, reflecting a loss of Rs0.76 compared to the previous day’s close of 278.64, as reported by the State Bank of Pakistan (SBP).

Reflecting on its previous closing, here’s how the Pakistani currency fared against other major currencies on Thursday.

In comparison with other major currencies, the British pound saw a slight decrease of 38.65 paisa, closing at 368.07, down from 368.46 on Thursday. However, the PKR strengthened against the euro, gaining Rs1.12 to close at 309.6, up from the previous value of 310.72.

Similarly, the Swiss franc declined by 50.26 paisa, ending at 330.75, compared to 330.25 from the last session. The Chinese yuan also weakened, closing at 39.20 after a drop of 13.78 paisa from 39.06. The Japanese yen saw a marginal gain of 0.01 paisa, ending at 1.926 compared to 1.9261 the previous day.

The UAE dirham increased by 5.24 paisa, closing at 75.86, while the Saudi riyal appreciated by 4.93 paisa, ending the day at 74.26.

In recent months, the rupee has fluctuated between 277 and 279 against the dollar, as traders closely monitor the approval of the International Monetary Fund’s (IMF) Executive Board on a new $7 billion Extended Fund Facility.

For the current financial year, the PKR has seen a modest depreciation of 30.11 paisa or 0.11 per cent against the dollar. However, on a calendar year basis, the rupee has appreciated by Rs3.22 or 1.16 per cent.

Read next: Petrol price likely to drop by over Rs3 per litre on September 1