Intraday trading: Pakistani rupee up by 35 paisa against US dollar

ISLAMABAD: Following the approval of a long-awaited $7 billion loan from the International Monetary Fund (IMF), the Pakistani rupee (PKR) strengthened by approximately 35 paisa against the US dollar (USD) during intraday trading.

This upward movement was recorded around 10 AM, marking the first trading day after the IMF deal.

The loan’s approval is seen as crucial for Pakistan’s economy, and its impact on the local currency will be further revealed by today’s closing figures and in the coming days.

In recent months, the PKR has remained relatively stable against the USD, experiencing only minor fluctuations. Over the entire financial year, the rupee has appreciated by just 49.51 paisa, or 0.18 per cent, against the dollar.

In the current calendar year, however, the PKR has gained a total of 4.01 rupees, reflecting a 1.44 per cent increase.

In the previous trading session, the PKR slightly depreciated by 4.32 paisa, settling at PKR 277.85 per USD, compared to its earlier rate of 277.8. During the day’s session, the rupee hit an intraday high of 277.95 and a low of 277.85.

As compared to other foreign currencies, the Swiss franc gained 1.14 rupees, closing at 328.95, while the British pound rose by 1.03 rupees, ending at 372.05.

The Euro, on the other hand, strengthened by 1.63 rupees to close at 310.95. Against the Japanese yen, the PKR lost 0.59 paisa, settling at 1.9306.

In the Gulf region, the Saudi riyal saw a modest increase of 0.46 paisa, closing at 74.05, and the UAE dirham appreciated by 1.18 paisa to reach 75.63.

The Chinese yuan gained 10.21 paisa, closing at 39.58 compared to 39.48 in the previous session.

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