Intraday trading: PKR up by 16 paisa against USD

KARACHI: The Pakistani rupee (PKR) saw a small rise against the US dollar (USD) on Monday, appreciating by 0.06 per cent during the early trading hours in the inter-bank market.

In the morning, the rupee was valued at 278, marking a gain of Re0.16 against the greenback.

Over the past week, the rupee had a slight improvement, gaining Re0.41 or 0.15 per cent against the greenback. The local currency closed at 278.16, better than the previous week’s closing of 278.57, according to the State Bank of Pakistan (SBP).

Here’s a quick look at how the PKR performed against major currencies on the last trading day (Friday):

On Friday, the Pakistani rupee (PKR) experienced various movements against major currencies. The Saudi Riyal closed at 74.12, down by 7.81 paisa from its previous value of 74.2. The UAE Dirham also saw a decrease, falling by 7.78 paisa to end at 75.81 compared to 75.73. The PKR dropped by 2.06 rupees against the Euro, ending the day at 308.53, down from 306.47.

Meanwhile, the British Pound became more expensive, rising by 2.84 rupees to close at 365.77, up from 362.94. The Swiss Franc appreciated by 2.05 rupees, closing at 327.93 compared to 325.87. The Chinese Yuan gained 12.22 paisa, ending at 39.21 from 39.09. Lastly, against the Japanese Yen, the PKR lost 2.62 paisa, closing at 1.9785 compared to 1.9523.

So far this financial year, the PKR has gained 17.72 paisa or 0.06 per cent against the dollar, and in the current calendar year, it has appreciated by 3.7 rupees or 1.33 per cent.

In other news, the Japanese Yen climbed above the significant level of 140 against the dollar, extending its rally from its lowest point in nearly 38 years in July, according to Bloomberg.

On Monday, the Yen appreciated by up to 0.83 per cent against the dollar, reaching 139.66, its strongest level since July 2023.

The Yen has been the top-performing currency among the Group of Ten this quarter, showing a 15 per cent gain as investors expect a narrowing interest-rate gap between the US and Japan.

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