PKR breaks below 277 against USD for first time since October 2023

October 12, 2026 (MLN):The Pakistani rupee strengthened against the US dollar on Monday, gaining 3.04 paisa in the interbank market to close at PKR 276.97, compared with the previous session's closing rate of 277.00.

The latest closing marks the rupee's return below the 277 level for the first time since October 16, 2023, when the local currency settled at 276.8346 against the dollar.

During the session, the dollar recorded an intraday bid high of 277.05 and an ask low of 277.10. In the open market, exchange companies quoted the dollar at PKR 277.20 for buying and PKR 280.00 for selling.

Against other major currencies, the rupee posted broad-based gains. It appreciated by 93.43 paisa, or 0.30%, against the euro to close at PKR 310.02, compared with 310.95 in the previous session.

The local currency gained 20.64 paisa, or 0.06%, against the British pound, settling at PKR 366.64 from 366.85 a day earlier. Against the Swiss franc, it strengthened by 65.75 paisa, or 0.20%, to close at PKR 332.78.

The rupee also advanced against the Japanese yen, gaining 0.20 paisa, or 0.11%, to settle at PKR 1.7481, compared with 1.7501 previously. Against the Chinese yuan, it rose by 0.74 paisa, or 0.02%, to PKR 41.38 from 41.39.

Meanwhile, the rupee appreciated by 3.56 paisa, or 0.05%, against the Saudi riyal to close at PKR 73.75. It also gained 0.83 paisa against the UAE dirham, settling at PKR 75.41.

During the current fiscal year, the rupee has appreciated by PKR 1.19, or 0.43%, against the US dollar. Its cumulative gain during the calendar year has reached PKR 3.15, or 1.14%.

In the money market, the benchmark six-month Karachi Interbank Bid and Offer rates (KIBOR) increased by 1 basis point each, reaching 12.17% and 12.42%, respectively.

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