- Reuters
- 4 Hours ago
Intraday trading: PKR sees slight gain against USD
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- Web Desk
- Aug 27, 2024
KARACHI: The Pakistani rupee (PKR) showed a modest improvement in early trading on Tuesday, appreciating by 0.08 per cent against the US dollar (USD) in the inter-bank market. The local currency was trading at 278.20 against the dollar, reflecting a gain of 22 paisa from the previous day’s close.
On Monday, the rupee had settled at 278.42 against the dollar, according to the State Bank of Pakistan (SBP). In the previous session, the rupee had appreciated by 8.56 paisa, or 0.03 per cent, closing at 278.42 per US dollar, up from 278.50.
Monday’s exchange rates
On Monday, the rupee experienced varied movements against other major currencies:
| Currency | Monday’s rate (PKR) | Change | Previous rate (PKR) |
| Saudi Riyal (SAR) | 74.20 | 2.28 paisa | 74.22 |
| UAE Dirham (AED) | 75.83 | 2.33 paisa | 75.80 |
| Euro (EUR) | 311.24 | 1.56 rupees | 309.68 |
| British Pound (GBP) | 367.36 | 2.00 rupees | 365.35 |
| Swiss Franc (CHF) | 328.81 | 1.68 rupees | 327.13 |
| Japanese Yen (JPY) | 1.9343 | 2.54 paisa | 1.9089 |
| Chinese Yuan (CNY) | 39.10 | 8.03 paisa | 39.02 |
Saudi Riyal to PKR: Closed at 74.20, losing 2.28 paisa from its previous value of 74.22.
UAE Dirham to PKR: Decreased by 2.33 paisa to close at 75.83, down from 75.80.
Euro to PKR: The rupee depreciated by 1.56 rupees, closing at 311.24 compared to 309.68.
British Pound to PKR: The pound became more expensive, rising by 2 rupees to close at 367.36, up from 365.35.
Swiss Franc to PKR: The rupee lost 1.68 rupees, closing at 328.81, compared to 327.13.
Japanese Yen to PKR: The rupee declined by 2.54 paisa, closing at 1.9343 versus 1.9089.
Chinese Yuan to PKR: The rupee gained 8.03 paisa, closing at 39.10 against 39.02.
The rupee has fluctuated within the 277-279 range against the US dollar in recent months, as traders monitor positive economic indicators and await approval of the $7-billion Extended Fund Facility from the International Monetary Fund (IMF).
Since the beginning of the current financial year, the rupee has depreciated by 7.61 paisa, or 0.03 per cent, against the dollar. However, it has appreciated by 3.44 rupees, or 1.24 per cent, since the start of the calendar year.
Global market overview
Globally, the US dollar edged higher on Tuesday, while major currencies traded sideways amid ongoing concerns over tensions in the Middle East.
Although fears of escalating conflict following the recent missile exchange between Israel and Hezbollah subsided, geopolitical risks kept currency movements subdued. Investors remain cautiously optimistic about imminent interest rate cuts in the US.
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