Intraday trade: PKR loses 26 paisa against USD

KARACHI: The Pakistani rupee (PKR) weakened against the US dollar (USD) on the first trading day following the Eid holidays, slipping 0.09 per cent in early interbank trade on Thursday.

Before 10:30 AM, the local currency was trading at Rs280.42 against the dollar, down by 26 paisa from its previous close.

Last week, the rupee saw a slight appreciation, gaining Re0.10 or 0.03 per cent in the interbank market. It closed at Rs280.16 against the greenback, compared to Rs280.26 a week earlier, according to data from the State Bank of Pakistan (SBP).

Before the five-day Eid break, the rupee had strengthened by 5.27 paisa or 0.02 per cent in the March 28 session, settling at Rs280.16 per USD. Throughout that day, it fluctuated between an intraday high of Rs280.60 and a low of Rs280.15.

Since the start of the current fiscal year, the PKR has depreciated by Rs1.82 or 0.65 per cent against the dollar. On a calendar-year basis, it has declined by Rs1.61 or 0.58 per cent.

Meanwhile, the Pakistan Stock Exchange (PSX) also started the day on a weaker note. The benchmark KSE-100 index fell by 251 points to 117,554.89 as of early trading, with a volume of 32.89 million shares.

Both the stock market and the central bank had remained closed from March 28 to April 2 due to the Eid holidays, making April 3 the first trading session for both.

Internationally, the US dollar slid on Thursday after President Donald Trump announced tougher-than-expected tariffs on imports, rattling global markets. The euro firmed, while investors sought safe-haven assets like the Japanese yen and Swiss franc.

Trump’s announcement of a 10 per cent base tariff on all US imports, with higher duties for key trading partners, triggered a selloff in global stocks. The new tariffs, set to take effect on April 9, are expected to impact about 60 countries, leading investors to turn towards gold and bonds for stability.

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