Intraday trading: PKR gains 21 paisa against USD

KARACHI: On Thursday morning, the Pakistani rupee (PKR) gained a bit of strength against the US dollar (USD), rising by 0.08 per cent during the early hours of trading in the inter-bank market.

By the start of the day, the PKR was valued at 278.33, showing a small increase of Re0.21 compared to the greenback.

The previous day, the rupee had ended at 278.54 against USD, according to the State Bank of Pakistan (SBP).

On the global stage, the dollar was trading near a four-week high against the euro on Thursday. This was due to ongoing concerns about US inflation, which made traders believe that the Federal Reserve might not make a big cut to interest rates next week.

Here’s how the rupee performed against other major currencies on Wednesday:

On Wednesday, the rupee’s performance against other major currencies varied. The Swiss franc increased by 1.07 rupees, closing at 329.3 compared to 328.23 the day before. The British Pound became slightly cheaper, falling by 40.75 paisa to close at 364.35, down from 364.75.

The UAE Dirham dropped by 1.9 paisa, ending at 75.86 compared to 75.84 the previous day. The Saudi Riyal ended at 74.23, losing 3.44 paisa from 74.27 the day before.

Against the Japanese Yen, the rupee lost 3.1 paisa, closing at 1.9705 compared to 1.9395 the previous day. The Chinese Yuan gained 2.96 paisa, closing at 39.16, up from 39.13.

Recently, the rupee has mostly been trading between 277 and 279 against the dollar. Traders are watching for positive news and awaiting approval from the International Monetary Fund (IMF) on a new $7-billion Extended Fund Facility (EFF).

So far this financial year, the rupee has depreciated by 20.11 paisa or 0.07 per cent against the dollar. However, this calendar year, it has actually appreciated by 3.32 rupees or 1.19 per cent.

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