Exchange rate today: Pakistani rupee slightly up against US dollar

The Pakistani rupee edged higher against the US dollar during the opening hours of intraday trading on Wednesday, gaining 0.07 percent as the local unit hovered around 280.37. This marked an improvement of 20 paisas from Tuesday’s close of 280.57 in the interbank market.

Traders said the rupee’s early gains reflected a softer greenback in global markets. Recent US data showed retail sales in September rose less than expected, while producer prices met forecasts. Consumer confidence also dipped in November as households worried about jobs and finances. These developments strengthened bets on a potential Federal Reserve rate cut in December, with markets pricing in an 84 percent chance of a 25-basis-point reduction.

The weaker US dollar also pushed the euro higher, with the euro to Pakistani rupee rate rising to 323.27. The pound to Pakistani rupee rate dropped slightly to 368.08, while the Saudi riyal Pakistani rupee exchange rate inched up to 74.80. The local unit posted minor gains against the UAE dirham and Swiss franc but fell slightly against the Japanese yen and Chinese yuan.

Since the start of the current fiscal year, the rupee has strengthened by 3.20 rupees, or 1.14 percent, against the dollar, although it has depreciated 2.02 rupees, or 0.72 percent, so far in the calendar year.

Previous closing

On Tuesday, the interbank market saw the PKR reach an intraday high of 280.80 and a low of 281.60. In the open market, the American dollar rate in Pakistan was quoted at 280.40 for buying and 281.65 for selling. Analysts said early trading activity suggested cautious optimism for the rupee, although volatility may continue in response to global economic developments.

NBP publishes exchange rate sheet

The treasury management division of the National Bank of Pakistan (NBP) released its daily foreign exchange rates on Wednesday, providing a reference point for the day’s trading activity. These rates serve as a benchmark for market participants, offering insight into the prevailing value of various currencies against the Pakistani rupee.

Such updates are part of the bank’s routine efforts to maintain transparency in the foreign exchange market and assist individuals, businesses, and investors in making informed financial decisions.

According to NBP’s ready transaction rates, the US dollar was quoted at 280.95 for TT selling and 280.45 for TT buying, while the euro was priced at 325.58 for selling and 325.01 for buying. The Japanese yen traded at 1.8029 and 1.7997, and the British pound was listed at 370.74 for selling and 370.08 for buying.

Other major currencies included the Swiss franc, with rates of 348.83 and 348.21, and the Canadian dollar, trading at 199.62 and 199.27. The Australian dollar was 182.71/182.38, the New Zealand dollar 159.90/159.62, and the Singapore dollar 215.99/215.60. Among Asian currencies, the Hong Kong dollar stood at 36.12/36.06, the Korean won at 0.1919/0.1915, the Chinese yuan at 39.68/39.61, and the Malaysian ringgit at 68.01/67.89.

Middle Eastern currencies also saw minor variations. The UAE dirham was quoted at 76.51/76.37, the Saudi riyal at 74.91/74.77, and the Qatar riyal at 77.11/76.97. The Kuwaiti dinar remained the strongest among regional currencies, trading at 915.47 for selling and 913.85 for buying.