PKR edges higher vs USD

During the session, the currency traded within a narrow range, touching an intraday high (bid) of 279.50 and a low (ask) of 279.20.

In the open market, exchange companies quoted the dollar at 279.50 for buying and 280.25 for selling.

Against major international currencies, the rupee came under pressure. It weakened by 4.25 rupees (1.33%) versus the euro to settle at 324.01, compared to 319.76 a day earlier. Similarly, it declined by 4.60 rupees (1.24%) against the British pound, closing at 374.80 from 370.20.

The local unit also depreciated against other currencies, falling 2.52 rupees (0.71%) against the Swiss franc to 354.95. Against the Japanese yen, it slipped by 0.80 paisa (0.46%) to 1.7618, compared to 1.7538 in the previous session.

The rupee further lost ground against the Chinese yuan, declining by 9.30 paisa (0.23%) to close at 40.55. It also edged lower against the Saudi riyal by 1.71 paisa (0.02%) to 74.38. However, it posted a slight gain against the UAE dirham, appreciating by 2.03 paisa (0.03%) to settle at 76.02.

On a broader scale, the rupee has appreciated by 4.54 rupees (1.63%) against the US dollar so far in the current fiscal year. On a calendar year basis, it has gained 89.99 paisa (0.32%).

In the money market, benchmark 6-month Karachi Interbank Bid and Offer rates eased by 3 basis points to 11.18% and 11.43%, respectively.