Pakistani rupee shows stability against US dollar, other currencies

The Pakistani rupee continued to gain ground against the US dollar in early trading on Thursday, rising 0.05 percent in the inter-bank market. The local currency was quoted at Rs280.42, marking a modest gain of 14 paisa from Wednesday’s close of Rs280.56.

The US dollar softened in international markets, with trading volumes thin ahead of the Thanksgiving holiday in the United States. Investors have been shifting focus to the coming year, anticipating a series of interest rate cuts. The Japanese yen rose 0.4 percent to 155.87 per dollar, while the euro climbed above $1.16.

A strong New Zealand dollar reached a three-week high of $0.5714 following a hawkish stance by the central bank and robust economic data.

Meanwhile, the Australian dollar strengthened after a hotter-than-expected inflation report suggested the easing cycle may be over, with the nation’s 10-year bond yield at 4.48 percent, the highest in the G10.

The Australian dollar traded around $0.6526, within its 18-month range. The British pound rose to $1.3256, its strongest level since late October, supported by a budget that eased concerns over the UK’s fiscal position. The US dollar index remained flat at 99.433, retreating from last week’s six-month high and heading for its largest weekly decline since July.

NBP releases foreign exchange rates list (November 27)

The National Bank of Pakistan (NBP) released its latest foreign exchange rates, providing a reference for market trading. The bank reported that the US dollar was available for TT buying at 280.45 and selling at 280.95. The euro was quoted at 325.37 for TT buying and 325.95 for selling, while the British pound was at 371.69 for buying and 372.35 for selling.

The Japanese yen traded at 1.7971 for buying and 1.8003 for selling. Other major currencies included the Swiss franc at 349.06/349.68, the Canadian dollar at 199.83/200.19, the Australian dollar at 183.11/183.44, and the New Zealand dollar at 160.54/160.83.

The UAE dirham was available at 76.37 for buying and 76.51 for selling, with the Saudi riyal at 74.77/74.91 and the Qatari riyal at 76.96/77.10.

These rates offer a benchmark for the day’s trading and provide insight into the current foreign currency market, helping businesses and individuals make informed financial decisions.