PKR slips to Rs284.78 against US dollar  

KARACHI: The Pakistani rupee (PKR) recorded a marginal decline against the US dollar during early trading on Wednesday, slipping by 0.04 per cent in the interbank market. By 10:40am, the local currency was trading at 284.78 against the dollar, down by 11 paisa from the previous close of 284.67.

So far in the ongoing fiscal year, the rupee has weakened by nearly 95 paisa, or 0.33 per cent. On a calendar-year basis, it has lost Rs6.17, reflecting a depreciation of 2.17 per cent against the greenback.

The slight dip in the rupee comes as the US dollar gained strength globally. The dollar rose alongside Treasury yields on Wednesday, as markets responded to fresh US inflation data.

Price increases were seen across a range of imported goods including coffee, electronics, and home furnishings, a trend analysts say may be linked to tariffs introduced during the Trump presidency. The inflation reading prompted investors to scale back expectations of interest rate cuts by the Federal Reserve this year, which supported the dollar’s upward momentum.

PSX closes positive, recovers previous session losses

In Monday’s interbank session, the rupee had fallen by 25.61 paisa, or 0.09 per cent, to close at 284.72 against the dollar. During the day, the currency fluctuated between a high of 286 and a low of 287.65. In the open market, exchange companies quoted the dollar at 286.00 for buying and 287.50 for selling.

Among other major currencies, the rupee showed mixed movement. It lost ground against the UAE dirham, euro, Swiss franc, Saudi riyal, and Chinese yuan, but managed to gain against the Japanese yen and British pound. The most notable recovery was against the pound sterling, with the rupee appreciating by nearly 96 paisa to reach 384.01.

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