PKR gains 17 paisa as dollar slides in global trade

KARACHI: The Pakistani rupee (PKR) posted a slight gain against the US dollar (USD) on Wednesday, strengthening 0.06 per cent in early interbank trade to Rs281.75, up by 17 paisa from the previous close.

Despite the uptick, the PKR has shown limited movement in recent weeks, maintaining a largely stable trend. Since the start of the current fiscal year, the rupee has slipped by Rs3.58 or 1.27 per cent. For the calendar year to date, the depreciation stands at Rs3.37 or 1.20 per cent.

The mild appreciation came as the US dollar softened against major global currencies for a third straight session. The greenback’s decline followed political setbacks for former President Donald Trump, who failed to secure full Republican support for his proposed tax overhaul. Market participants were also watching for any signals from US officials at the Group of Seven (G7) finance meetings in Canada, where concerns over a weaker dollar policy lingered.

In the broader currency market, the dollar dropped 0.14 per cent to 144.31 yen and 0.22 per cent to 0.8264 Swiss franc early in Asian trading.

Previous close

Back home, the PKR had closed at Rs281.92 against the USD on Tuesday, down by 15 paisa from Monday’s close, according to the State Bank of Pakistan (SBP). During that session, the currency fluctuated between Rs281.70 and Rs281.95.

Exchange companies in major cities including Karachi, Lahore, and Islamabad quoted the American currency at Rs282.50 for buying and Rs283.80 for selling on Wednesday.

In cross-currency trade on Tuesday:

The rupee weakened 4 paisa or 0.06 per cent against the Saudi riyal to close at Rs75.16.

It lost 74 paisa or 0.20 per cent against the British pound, settling at Rs377.35.

Against the Chinese yuan, the rupee edged up by nearly 2 paisa to Rs39.04.

It slipped by 4 paisa or 0.05 per cent against the UAE dirham to Rs76.76.

Against the Japanese yen, the rupee declined by nearly 1 paisa or 0.48 per cent, ending the session at 1.9539.

The rupee fell 71 paisa or 0.21 per cent against the Swiss franc to Rs338.68.

It dropped by Rs1 or 0.32 per cent against the euro to close at Rs317.64.

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