Intraday trading: PKR gains 22 paisa against USD

KARACHI: The Pakistani rupee (PKR) experienced a slight improvement on Monday, appreciating by 0.08 per cent against the US dollar (USD) during the initial trading hours in the inter-bank market.

The rupee was valued at PKR 278.28, marking a gain of Re0.22 against the greenback.

In the previous week, the rupee saw a modest increase, gaining Re0.04 or 0.01 per cent against the US dollar.

Over recent months, the domestic currency has generally fluctuated between PKR 277 and PKR 279 against the dollar, as traders monitor positive developments and await approval from the International Monetary Fund (IMF) for a new $7 billion Extended Fund Facility.

On the global front, the Japanese yen rose to a three-week high against the US dollar on Monday. This movement followed a dovish shift in the Federal Reserve’s stance by Chair Jerome Powell, contrasting sharply with the hawkish tone of Bank of Japan Governor Kazuo Ueda.

In Friday’s inter-bank session, the Pakistani rupee appreciated by 16.65 paisa or 0.06 per cent against the US dollar, closing the week at PKR 278.5 per USD, up from Thursday’s close of PKR 278.67. Over the course of last week, the rupee gained four paisa against the US dollar.

Comparatively, last week’s performance of the Pakistani rupee against major currencies was as follows:

Japanese Yen: The rupee gained 0.76 paisa, closing at 1.9089 compared to 1.9165 the previous day.

Chinese Yuan: The rupee depreciated by 4.52 paisa, closing at 39.02 versus 39.06 previously.

Euro: The rupee appreciated by 96.55 paisa, closing at 309.68 compared to 310.65.

British Pound: The rupee weakened by 25.53 paisa, closing at 365.35 against 365.1.

Swiss Franc: The rupee saw a decline of 90.85 paisa, closing at 327.13 compared to 328.04.

UAE Dirham: The rupee depreciated by 4.64 paisa, closing at 75.87, up from 75.83.

Saudi Riyal: The rupee closed at 74.22, down by 4.44 paisa from 74.27.

For the current financial year, the Pakistani rupee has depreciated by 16.17 paisa or 0.06 per cent against the US dollar. However, in the current calendar year, the rupee has appreciated by 3.36 rupees or 1.21 per cent.

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