PKR edges up by 19 paisa against USD 

KARACHI: The Pakistani rupee saw a slight improvement against the US dollar during early trading on Tuesday, gaining 19 paisa or 0.07 per cent in the interbank market. By 10am, the local currency was trading at Rs284.53, compared to the previous day’s closing rate of Rs284.72.  

Despite this modest rise, the rupee has continued to lose ground over the broader term. Since the start of the current fiscal year, it has depreciated by 95 paisa or 0.33 per cent, while in the ongoing calendar year, it has weakened by Rs6.17 or 2.17 per cent. 

Globally, the US dollar remained strong, holding near a three-week high against major currencies. Investors are awaiting US inflation data due later in the day, which could offer further insight into the Federal Reserve’s next steps on interest rates.  

The dollar’s gains have also been supported by rising US Treasury yields and growing speculation over the possible exit of Federal Reserve Chairman Jerome Powell, following repeated criticism from President Donald Trump. 

Currency markets showed little reaction to fresh economic data from China, where second-quarter growth came in at 5.2 per cent, slightly above expectations. 

Previous close 

On Monday, the rupee had closed lower against the dollar, losing 25.61 paisa or 0.09 per cent to settle at Rs284.72, down from the previous close of Rs284.46. During the session, it traded between Rs286 and Rs287.65. In the open market, exchange companies quoted the dollar at Rs286.00 for buying and Rs287.50 for selling. 

The rupee’s performance against other major currencies remained mixed. It fell by 6.86 paisa against the UAE dirham, closing at Rs77.51, and by 7.03 paisa against the Saudi riyal to Rs75.92. It also lost 35.61 paisa against the euro to end at Rs332.75, and 20.92 paisa against the Swiss franc, closing at Rs357.14.  

However, it appreciated slightly against the Japanese yen by 0.22 paisa to Rs1.9343, and gained 96.32 paisa against the British pound, reaching Rs384.01. Against the Chinese yuan, it declined by 4.62 paisa to close at Rs39.71. 

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