Exchange rate: PKR edges up against USD in early trade

The Pakistani rupee (PKR) showed a slight improvement against the US dollar (USD) on Monday, gaining 0.07 percent in the opening hours of trading in the inter-bank market. In the morning, the PKR was hovering at 280.43, up by 19 paisa against the greenback.

The slight gain came as international markets remained cautious. The USD traded steadily, while intervention concerns weighed on the Japanese yen. In Asia, a holiday in Tokyo led to lighter trade and the yen drifted lower to 156.71 per dollar in early trading.

Japan’s currency has been under pressure due to low interest rates and loose fiscal policies, although it rebounded from ten-month lows last week after Finance Minister Satsuki Katayama issued verbal warnings of potential official yen buying.

Traders expect intervention could occur between 158 and 162 yen per dollar, with the thinner trading ahead of Thanksgiving providing a possible window for action.

NBP releases foreign exchange rates for today

Domestically, the National Bank of Pakistan’s treasury management division issued its routine forex rates to guide market participants. The USD was set at Rs280.50 for buying and Rs281.00 for selling. The euro traded slightly higher at Rs323.12 to buy and Rs323.69 to sell, while the British pound was available at Rs367.51 to buy and Rs368.17 to sell.

The Japanese yen was valued at Rs1.7911 to buy and Rs1.7942 to sell, with other major currencies including the Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar, and Chinese yuan showing minor variations in their rates.

Previous PKR closing

On Friday, the rupee had gained 2.89 paisa against the US dollar, closing the interbank session at Rs280.62, slightly stronger than the previous close of Rs280.65.

The currency touched an intraday high of 280.8 and a low of 281.65 during the session. In the current fiscal year, the Pakistani rupee has strengthened against the US dollar by Rs3.14, or 1.12 percent, though it has weakened by Rs2.07, or 0.74 percent, so far this calendar year.