Intraday trading: PKR rises by over 20 paisa against USD

KARACHI: On the last trading day of the week, the Pakistani rupee (PKR) showed a slight improvement against the US dollar, gaining 0.08 per cent during early trading hours in the inter-bank market on Friday.

The Pakistani currency was trading at 278.45, marking an increase of Re0.23 compared to Thursday’s closing rate of 278.68, according to data from the State Bank of Pakistan (SBP).

Over recent months, the PKR has hovered between 277 and 279, with market participants closely watching developments related to the International Monetary Fund’s (IMF) Executive Board and its decision on a $7-billion Extended Fund Facility (EFF).

In terms of other currencies, the PKR’s performance was mixed on Thursday. The Saudi Riyal slipped slightly, closing at 74.24, down by 3.63 paisa from 74.27. The UAE Dirham also depreciated marginally, ending the day at 75.90, compared to 75.87 on Wednesday.

The rupee lost ground against the Euro, falling by 87.39 paisa to close at 308.95, down from 308.08. The British Pound became more expensive for Pakistani buyers, rising by 71.57 paisa to close at 366.39 from the previous day’s rate of 365.67.

Similarly, the Swiss Franc appreciated by 74.5 paisa, closing at 329.15 compared to 328.41. The Japanese Yen saw the rupee weaken by 1.93 paisa, closing at 1.9402 from 1.9209. On the other hand, the Chinese Yuan gained 5.58 paisa, closing at 39.25 compared to 39.19.

On the international front, the US dollar on Friday remained weak, nearing a one-week low against major global currencies. Mixed signals from the job market ahead of important payroll data are influencing expectations regarding the Federal Reserve’s policy on interest rates.

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