Intraday trade: PKR gains 24 paisa against USD

KARACHI: The Pakistani rupee (PKR) gained 17 paisa against the US dollar (USD) on Tuesday. In early trading, the PKR was quoted at Rs278.40 against the greenback.

By 10:45 AM, it strengthened further to Rs278.33 after an increase of 24 paisa on the second trading day of the week.

On the global front, the USD remained strong as the expectation of prolonged high US interest rates continued to dominate investors’ concerns, causing other currencies to hover near their lows.

With the year-end approaching and trading volumes expected to thin out due to the holiday season, the lack of significant economic data releases suggests that interest rates will likely continue driving currency market movements.

The US dollar index, which measures the dollar’s performance against a basket of currencies, was near a two-year high of 108.54, last recorded at 108.10.

According to the State Bank of Pakistan (SBP), in Monday’s interbank session, the PKR depreciated by 14.81 paisa or 0.05 per cent against the USD, closing at Rs278.57 compared to the previous day’s Rs278.42.

During the current fiscal year, the PKR has fallen by 22.65 paisa or 0.08 per cent against the USD. However, since the start of 2024, the PKR has gained Rs3.29 or 1.18 per cent.

Here is how the PKR performed against other major currencies during the previous trading day (December 23):

Against the Chinese Yuan, the PKR fell by 1.75 paisa or 0.05 per cent to Rs38.16 from Rs38.15.

The PKR weakened by 0.31 paisa or 0.17 per cent against the Japanese Yen, closing at Rs1.7783 compared to Rs1.7752 a day earlier.

It depreciated by 4.03 paisa or 0.05 per cent against the UAE Dirham, ending at Rs75.84.

The PKR declined by Rs1.17 or 0.38 per cent against the Swiss Franc, closing at Rs311.41.

Against the Saudi Riyal, the PKR dropped by 5.12 paisa or 0.07 per cent to Rs74.12.

The PKR fell by Rs1.83 or 0.53 per cent against the British Pound, closing at Rs349.92 compared to Rs348.09 the previous day.

It deteriorated by Rs1.13 or 0.39 per cent against the Euro, finishing at Rs290.18 from Rs289.06.

USD/PKR closing history (December 2024)

December 2: The PKR increased by 0.03 per cent, or 7.65 paisa, against the USD to end the day at Rs277.97 per USD, compared to the last closing of Rs278.05.

December 3: The PKR increased by 10.48 paisa, or 0.04 per cent, against the USD to settle the trade at Rs277.87 per USD, compared to the last closing of Rs277.97.

December 4: The PKR fell by 5.41 paisa, or 0.02 per cent, against the USD, settling the trade at Rs277.92 per USD, compared to the last closing of Rs277.87.

December 5: The PKR fell by 0.01 per cent or 2.17 paisa against the USD to close the day at Rs277.94 per USD, compared to the last closing of Rs277.92.

December 6: The PKR dropped by 0.02 per cent or 6.47 paisa against the USD to settle the day at Rs278.01 per USD, compared to the last closing of Rs277.94.

December 9: The PKR rose by 0.01 per cent or 3.42 paisa or against the USD to settle the trade at Rs277.98 per USD, compared to the last closing of Rs278.01.

December 10: The PKR dropped by 0.03 per cent or 7 paisa against the USD to end the day at Rs278.05, compared to previous closing of Rs277.98.

December 11: The PKR decreased by 0.04 per cent or 11.82 paisa against the USD to close the day at Rs278.17, compared to last closing of Rs278.05.

December 12: The PKR declined by 0.02 per cent or 6.23 paisa against the USD to settle end the day at Rs278.23, versus previous closing of Rs278.17.

December 13: The PKR gained 0.04 per cent or 11.19 paisa against the USD to settle the day at Rs278.12, versus last closing of Rs278.23.

December 16: The PKR decreased by 5.36 paisa or 0.02 per cent against the US dollar to settle the day at Rs278.17, compared to previous closing of Rs278.12.

December 17: The PKR decreased 0.04 per cent or 10.04 paisa against the USD to settle the trade at Rs278.27, compared to previous closing of Rs278.17.

December 18: The PKR appreciated by 0.02 per cent or 5 paisa against the USD, closing the trade at Rs278.23, compared to previous closing of Rs278.27.

December 19: The PKR weakened by 0.04 per cent or 12.50 paisa against the USD, closing the day at Rs278.35, compared to previous closing of Rs278.23.

December 20: The PKR dropped by 0.03 per cent or 6.96 paisa against the USD, closing the day at Rs278.42, compared to last closing of Rs278.35.

December 23: The PKR dropped 0.05 per cent or 14.81 paisa or against the USD, closing the day at Rs278.57 compared to the earlier day’s Rs278.42.

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