Intraday trade: PKR increases 9 paisa against USD

KARACHI: The Pakistani rupee (PKR) made slight gains against the US dollar (USD), appreciating by 0.03 per cent in the market during the early hours of trading on Friday.

Before 11:00 AM, the local currency was trading at Rs278.88, marking an increase of 9 paisa against the greenback.

During the current fiscal year, the PKR has declined by 63.10 paisa or 0.23 per cent against the USD. Similarly, since the beginning of this calendar year, it has depreciated by 42.22 paisa or 0.15 per cent.

Global currency movements

Internationally, the Japanese yen was set for its best monthly start to the year since 2018, driven by expectations that the Bank of Japan (BOJ) will continue raising rates, while other global central banks may look to ease monetary policy.

The Mexican peso and Canadian dollar remained cautious ahead of the looming February 1 deadline, with US President Donald Trump previously indicating that 25 per cent tariffs on imports from these two countries could come into effect.

Previous closing

On the previous trading day, currency exchange companies quoted the greenback between Rs278.5-Rs279 for buying and Rs281 for selling.

According to the State Bank of Pakistan, the PKR weakened by 9.94 paisa or 0.04 per cent against the USD in Thursday’s interbank session, closing at Rs278.97 per USD compared to the previous day’s value of Rs278.87.

PKR versus other foreign currencies

Against the Japanese yen, the PKR dropped by 0.99 paisa or 0.55 per cent, closing at Rs1.8057 from Rs1.7958.

The PKR weakened by 2.55 paisa or 0.03 per cent against the Saudi riyal, settling at Rs74.37.

Against the UAE dirham, the PKR fell by 2.61 paisa or 0.03 per cent, closing at Rs75.95.

The rupee deteriorated by 17.33 paisa or 0.06 per cent against the euro, ending at Rs290.73 compared to Rs290.56 previously.

Against the British pound, the PKR depreciated by 8.19 paisa or 0.02 per cent to Rs347.33 from Rs347.25.

Conversely, the PKR appreciated by 24.73 paisa or 0.08 per cent against the Swiss franc, closing at Rs307.80.

The PKR dropped by 1.37 paisa or 0.04 per cent against the Chinese yuan, closing at Rs38.47 from Rs38.46.

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