- AFP
- 4 Hours ago
Intraday trading: PKR gains 22 paisa against US dollar
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- Web Desk
- Sep 11, 2024
KARACHI: The Pakistani rupee (PKR) showed a modest gain against the US dollar (USD), appreciating by 0.08 per cent during early trading in the interbank market on Wednesday.
At the start of the day, the local currency was trading at 278.40, marking a rise of 22 paisa from the previous day’s close of 278.62, as reported by the State Bank of Pakistan (SBP).
In recent months, the rupee has been relatively stable, fluctuating between 277 and 279 against the dollar. This comes as traders closely monitor positive developments, including the International Monetary Fund’s (IMF) approval of a $7 billion Extended Fund Facility (EFF).
For the current financial year, the rupee has depreciated by 27.83 paisa or 0.1 per cent against the dollar. However, in the calendar year to date, the rupee has strengthened by 3.24 rupees or 1.16 per cent.
On Tuesday (last trading day), the rupee’s performance against other major currencies was as follows:
| Currency | Difference | Tuesday’s closing | Monday’s closing |
| Japanese Yen | 0.8 paisa | 1.9395 | 1.9475 |
| British Pound | 46.77 paisa | 364.75 | 365.22 |
| Swiss Franc | 1.14 rupees | 328.23 | 329.37 |
| Euro | 70.2 paisa | 307.51 | 308.21 |
| UAE Dirham | 2.19 paisa | 75.88 | 75.86 |
| Chinese Yuan | 5.95 paisa | 39.13 | 39.19 |
| Saudi Riyal | 1.22 paisa | 74.27 | 74.26 |
– Against the Japanese yen, the rupee gained 0.8 paisa, closing at 1.9395 from 1.9475 the day before.
– The British pound became cheaper, with the rupee gaining 46.77 paisa to close at 364.75 compared to 365.22 the previous day.
– The Swiss franc fell by 1.14 rupees, closing at 328.23 from 329.37 in the last session.
– The rupee gained 70.2 paisa against the euro, ending the day at 307.51 compared to 308.21.
– The UAE dirham dipped by 2.19 paisa, closing at 75.88 from 75.86 the day before.
– The Chinese yuan dropped 5.95 paisa, ending at 39.13 versus 39.19 in the prior session.
– The Saudi riyal gained 1.22 paisa, closing at 74.27 from 74.26 the day before.
Meanwhile, the Japanese yen reached its highest level of the year against the US dollar on Wednesday as markets closely followed the first US presidential debate between Kamala Harris and Donald Trump.
Additionally, traders were eagerly awaiting an upcoming US inflation report that could signal future interest rate changes.
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