Early trade: Pakistani rupee up by nine paisa against US dollar

KARACHI: The Pakistani rupee (PKR) remained relatively stable against the US dollar (USD) on Wednesday, appreciating by 0.03 per cent in the opening hours of interbank trading.

In early trading, the currency was valued at Rs277.65, reflecting a gain of nine paisa against the greenback.

On the global front, the US dollar hovered near a three-month high amidst a crucial week for macroeconomic data, which could provide insights into the future course of US monetary policy.

Overall, during the current fiscal year, the PKR has strengthened by 59.89 paisa or 0.22 per cent against the US dollar. So far this calendar year, it has risen by Rs4.12 or 1.48 per cent.

PKR’s closing rate in the previous trading session

On Tuesday, the PKR weakened by 6.11 paisa or 0.02 per cent against the US dollar, closing at Rs277.74, compared to the previous close of Rs277.68.

PKR’s performance against other foreign currencies:

Against the British Pound, it weakened by 34.30 paisa or 0.10 per cent to Rs360.40, compared to Rs360.06 a day earlier.

The PKR also lost 62.46 paisa or 0.20 per cent against the Swiss franc, closing at Rs320.63.

Against the Euro, the PKR declined by 27.43 paisa or 0.09 per cent, closing at Rs300.24, down from Rs299.97.

Against the Japanese Yen, the currency declined by 0.26 paisa or 0.14 per cent, ending the day at Rs1.8131 versus Rs1.8105 the previous day.

The PKR slipped by 1.43 paisa or 0.02 per cent against the Saudi Riyal to close at Rs73.95, and by 1.66 paisa or 0.02 per cent against the UAE Dirham, ending at Rs75.62.

On a positive note, the PKR gained 5.52 paisa or 0.14 per cent against the Chinese Yuan, closing at Rs38.89, up from Rs38.95.

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