Intraday trade: PKR gains 7 paisa against US dollar
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- Web Desk
- Dec 19, 2024
KARACHI: The Pakistani rupee (PKR) saw a slight improvement against the US dollar (USD), appreciating by 0.03 per cent during early trading hours on Thursday.
By 11:00 AM, the local currency was hovering at Rs278.16, registering a gain of 7 paisa against the greenback.
Globally, the US dollar neared a two-year peak on Thursday after the Federal Reserve signalled a slower pace of interest rate cuts in 2025.
Meanwhile, the Japanese yen slid to a one-month low, ahead of a policy decision by the Bank of Japan (BOJ). Fed Chair Jerome Powell’s hawkish stance sent traders scaling back expectations for easing monetary policy next year, which triggered a broad dollar rally.
This rally pushed currencies like the Swiss franc, Canadian dollar, and South Korean won to milestone lows during early trading in Asia.
The Swiss franc dropped to a five-month low of 0.90215 per dollar, while the Canadian dollar hit a more than four-year low of 1.44655 per US dollar. The South Korean won fell to its weakest level in 15 years.
In contrast, the US dollar index held steady at 108.15, just below Thursday’s two-year peak of 108.27. Powell’s remarks on Wednesday indicated that further cuts in borrowing costs would depend on progress in reducing persistently high inflation, which jolted global markets.
Previous closing
On Wednesday, the PKR appreciated by around 5 paisa, or 0.02 per cent, against the USD, closing the interbank session at Rs278.23, compared to Rs278.27 on Tuesday.
Performance against other currencies
On the last trading day, the Pakistani rupee performed as follows against other major currencies:
Saudi Riyal: PKR gained 1.26 paisa or 0.02 per cent against the Saudi Riyal, closing at Rs74.05.
UAE Dirham: PKR appreciated by 1.30 paisa or 0.02 per cent against the UAE Dirham, ending at Rs75.75.
Japanese Yen: PKR depreciated by 0.58 paisa or 0.32 per cent against the Japanese Yen, closing at Rs1.8117 from Rs1.8059.
British Pound: PKR strengthened by 56.12 paisa or 0.16 per cent against the British Pound, settling at Rs352.89 compared to Rs353.45.
Chinese Yuan: PKR gained 1.80 paisa or 0.05 per cent against the Chinese Yuan, closing at Rs38.19 from Rs38.21.
Euro: PKR increased by 28.65 paisa or 0.10 per cent against the Euro, closing at Rs291.86 compared to Rs292.14.
Swiss Franc: PKR dropped by 93.63 paisa or 0.30 per cent against the Swiss franc, closing at Rs311.28.
| Date | Change (Paisa) | Change (%) | Closing rate (PKR/USD) | Previous closing (PKR/USD) |
| December 2 | +7.65 | +0.03% | Rs277.97 | Rs278.05 |
| December 3 | +10.48 | +0.04% | Rs277.87 | Rs277.97 |
| December 4 | -5.41 | -0.02% | Rs277.92 | Rs277.87 |
| December 5 | -2.17 | -0.01% | Rs277.94 | Rs277.92 |
| December 6 | -6.47 | -0.02% | Rs278.01 | Rs277.94 |
| December 9 | +3.42 | +0.01% | Rs277.98 | Rs278.01 |
| December 10 | -7.00 | -0.03% | Rs278.05 | Rs277.98 |
| December 11 | -11.82 | -0.04% | Rs278.17 | Rs278.05 |
| December 12 | -6.23 | -0.02% | Rs278.23 | Rs278.17 |
| December 13 | +11.19 | +0.04% | Rs278.12 | Rs278.23 |
| December 16 | -5.36 | -0.02% | Rs278.17 | Rs278.12 |
| December 17 | -10.04 | -0.04% | Rs278.27 | Rs278.17 |
| December 18 | +5.00 | +0.02% | Rs278.23 | Rs278.27 |
During the current fiscal year, the PKR has strengthened against the USD by 11.62 paisa or 0.04 per cent. It has appreciated by Rs3.64 or 1.31 per cent since the start of 2024.
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