Intraday trading: PKR up 17 paisa against USD

KARACHI: The Pakistani rupee (PKR) saw a modest uptick against the US dollar (USD) on the last trading day of the week, appreciating by 0.06 per cent in early trading on Friday in the inter-bank market.

During the morning session, the PKR traded at 278.53 against the greenback, reflecting a gain of 17 paisa compared to the previous day’s closing rate. On Thursday, the rupee had settled at 278.70 per USD, according to data from the State Bank of Pakistan (SBP).

In recent months, the PKR has generally fluctuated between 277 and 279 against the dollar, as market participants monitor a mix of positive economic indicators.

Thursday’s PKR performance 

On Thursday, the PKR experienced mixed performance against major global currencies. The rupee weakened by 2.35 against the Euro, closing at 306.88 compared to 304.52 on Wednesday. The British Pound also appreciated against the PKR, ending the session at 358.09, up by 1.25 rupees.

In contrast, the PKR gained 36.79 paisa against the Swiss Franc, closing at 321.88 compared to 321.51 in the previous session. Against the Japanese Yen, the PKR lost 0.82 paisa, settling at 1.8928 compared to 1.8846 on Wednesday.

The Chinese Yuan appreciated by 7.26 paisa, closing at 38.93 versus 38.86 in the prior session. The Saudi Riyal saw a slight gain, closing at 74.27 with a 3.68 paisa increase, while the U.A.E. Dirham remained steady, closing at 75.88.

Year-to-Date performance

Since the beginning of the current financial year, the PKR has depreciated by 0.13 per cent, equivalent to a decline of 35.88 paisa against the dollar. However, on a calendar-year basis, the PKR has appreciated by 3.16 rupees, or 1.13 per cent.

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