Pakistani rupee remains stable against US dollar in early trading

KARACHI: The Pakistani rupee (PKR) remained stable against the US dollar (USD) during the initial hours of trading in the inter-bank market on Monday.

The local currency was trading at 277.53, reflecting a minor decline of 0.01 against the greenback.

Last week, the rupee demonstrated resilience, gaining 0.12 or 0.04 per cent against the USD. It closed the previous week at 277.52, a slight improvement from the 277.64 level observed at the end of the prior week, as reported by the State Bank of Pakistan (SBP).

The currency market is exhibiting signs of stability following the approval of a new bailout programme by the Executive Board of the International Monetary Fund (IMF) and the subsequent receipt of the first tranche of funds.

In the current financial year, the PKR has appreciated by 82.33 paisa or 0.3 per cent against the USD. Furthermore, in the current calendar year, the rupee has strengthened by 4.34 rupees, translating to a 1.56 per cent gain.

On Friday, the last trading day, the PKR appreciated by 22.44 paisa or 0.08 per cent, settling at 277.52 per USD, compared to the previous close of 277.74.

Here’s how PKR performed against other foreign currencies:

In the context of other major currencies, the UAE Dirham weakened by 6.11 paisa, moving from 75.55 to 75.62. The Saudi Riyal also saw a decline, closing at 73.88 after losing 12.28 paisa from the previous value of 74.

Conversely, the British Pound became more expensive, gaining 95.44 paisa to close at 365.39, up from 364.44. The PKR also appreciated by 81.67 paisa against the Euro, closing at 305.95 compared to the prior figure of 306.77.

The Swiss Franc saw a decrease of 79.92 paisa, finishing at 325.55, down from 326.35. Meanwhile, the Chinese Yuan lost 3.2 paisa, closing at 39.54 compared to 39.57 from the previous session. Against the Japanese Yen, the PKR experienced a slight loss of 0.48 paisa, closing at 1.895, up from 1.8902.

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