PKR wraps up week near Rs278 against USD

WEB DESK: The Pakistani rupee (PKR) maintained its position against the US dollar (USD) in the inter-bank market on the last trading day of the week, according to the State Bank of Pakistan (SBP).

Closing at Rs277.93 on Friday, the local currency showed no change against the greenback.

In comparison with other major currencies, the PKR experienced some fluctuations. Against the Euro, it gained 58.24 paisa, ending at Rs301.16 compared to the previous value of Rs301.75.

Similarly, the British Pound depreciated by 1.1 rupees, closing at Rs350.87 compared to Rs351.97 from the previous day.

The Swiss franc saw gains of 1.19 rupees, closing at Rs307.72 compared to Rs306.53 from the previous session.

However, against the Japanese Yen, PKR lost 0.49 paisa, closing at Rs1.8372 versus Rs1.8323 a day ago.

The Chinese Yuan remained unchanged at Rs38.42 from the previous session, while the Saudi Riyal closed at Rs74.1 and the UAE Dirham remained stable at Rs75.68.

Prime Minister (PM) Shehbaz Sharif noted the significance of a new IMF programme for the economy’s revival, while Finance Minister Muhammad Aurangzeb is set to attend the World Bank and the IMF spring meetings in Washington, where discussions on a new programme will take place.

Internationally, the US dollar maintained its position against peer currencies on Friday after rebounding from a two-week low.

Traders remained cautious over tensions in the Middle East and awaited a key jobs report due later in the day. Overall, major currencies appeared subdued before the release of the March nonfarm payrolls report.