Pakistani rupee down by three paisa against US dollar in early trade

KARACHI: The Pakistani rupee (PKR) remained largely stable against the US dollar (USD) on Monday as it depreciated 0.01 per cent during the early hours of trading.

In the morning, the home unit was hovering at Rs277.73, reflecting a minor loss of three paisa against the greenback.

During the previous week, the rupee marginally weakened, declining by Re0.06 or 0.02 per cent against the dollar.

Globally, the US dollar slid in Asia on Monday as investors braced for a potential pivot this week in the global economy, as the United States prepares to choose a new leader and likely cuts interest rates again, with major implications for bond yields.

During the current fiscal year, the PKR has risen against the US dollar by 64.12 paisa or 0.23 per cent, while it has increased by Rs4.16 or 1.50 per cent so far this calendar year.

PKR’s performance on last trading day

The PKR rose by 15.00 paisa or 0.05 per cent against the USD in Friday’s interbank session, settling the trade at Rs277.70 per USD compared to Thursday’s closing of Rs277.85.

In comparison to other foreign currencies, the PKR’s value increased by 0.65 paisa or 0.36 per cent to close the session at 1.8195 against the Japanese yen.

Against the British pound, the PKR rose by Rs2.97 or 0.82 per cent to Rs358.05, compared to Rs361.02 a day ago.

Additionally, the PKR appreciated by 4.62 paisa or 0.12 per cent against the Chinese yuan, closing at Rs38.98, up from Thursday’s Rs39.03.

The PKR decreased by 10.10 paisa or 0.03 per cent against the euro, closing at Rs301.79 compared to the previous value of Rs301.69.

The home unit appreciated by Rs1.47 or 0.46 per cent against the Swiss franc, closing at Rs319.65.

Read next: PSX gains over 1,000 points as investors bet on policy rate cut