Intraday trade: PKR gains 25 paisa against USD

KARACHI: The Pakistani rupee (PKR) on the second trading day of the week recorded slight improvement against the US dollar (USD) and rose 0.09 per cent in the initial trading hours.

Before 11:00 AM, the PKR was seen at Rs277.72 against the greenback after witnessing a gain of 25 paisa on Tuesday.

The PKR rose 7.65 paisa or 0.03 per cent against the US dollar in the previous interbank session to end the trade at Rs277.97 per USD compared to previous week’s closing of Rs278.05.

The Pakistani currency has appreciated 0.13 per cent or 36.7 paisa against the dollar during the ongoing financial year. Since the start of 2024, it has increased Rs3.89 or 1.40 per cent against the USD.

Here is how the PKR performed against other major currencies on Monday:

Pakistani rupee appreciated 0.22 per cent or 79.22 paisa against the British Pound and ended the session at Rs352.71.

The local currency gained 0.68 per cent or Rs2 against the Euro and closed the day at Rs292.

PKR’s value increase 0.10 per cent or 0.19 paisa against the Japanese Yen to close the trade at Rs1.85.

Oil prices

Global oil prices were little changed on Tuesday, trading within a narrow range, as traders awaited the outcome of an OPEC+ meeting later this week.

Brent crude futures were up 14 cents, or 0.19 per cent, at $71.97 a barrel by 0404 GMT, after a 1-cent drop in the previous session.

US West Texas Intermediate crude climbed 8 cents, or 0.12 per cent, to $68.18, following a 10-cent gain at Monday’s close.

“Investors are in wait-and-watch mode ahead of the OPEC+ meeting,” ANZ analysts said in a note. Sources from the producer group said it will extend its latest round of output cuts until the end of the first quarter at its December 5 meeting.