Intraday trading: PKR remains mostly stable against USD

KARACHI: The Pakistani rupee (PKR) remained mostly stable on Wednesday, registering a slight depreciation of 0.01 per cent against the US dollar during early trading in the inter-bank market.

In the morning, the rupee was trading at 278.35, reflecting a marginal decline of Re0.03 against the dollar. The day before, on Tuesday, the rupee had closed at 278.32, according to data from the State Bank of Pakistan (SBP).

When compared to other major currencies, the Saudi Riyal ended Tuesday at 74.18, down by 2.56 paisa from its previous value of 74.20 on Monday. Similarly, the U.A.E. Dirham saw a minor decrease, losing 2.62 paisa to close at 75.78, down from 75.80 the day before.

Meanwhile, the PKR gained 37.19 paisa against the Euro, closing at 310.87 compared to the previous day’s value of 311.24. The Swiss franc also saw a decline, with the rupee strengthening by 46.25 paisa to close at 328.34, down from 328.81.

The Chinese Yuan fell by 6.78 paisa, closing at 39.03 compared to the previous session’s 39.10. On the other hand, the British Pound became slightly more expensive, rising by 23.5 paisa to close at 367.59, up from 367.36. Against the Japanese Yen, the rupee gained 1.46 paisa, closing at 1.9197 compared to 1.9343 the previous day.

In recent months, the rupee has hovered around the 277-279 range, with traders closely monitoring developments related to the International Monetary Fund’s (IMF) Executive Board approval of a new $7-billion Extended Fund Facility.

Since the beginning of the current financial year, the PKR has appreciated by 2.01 paisa, or 0.01 per cent, against the dollar. Over the current calendar year, the rupee has gained 3.54 rupees, reflecting an appreciation of 1.27 per cent.

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