PKR edges up against USD, maintains upward momentum

During intraday trading, the local currency touched a high (bid) of 277.80 and a low (ask) of 277.75 against the greenback.

In the open market, exchange companies quoted the US dollar at Rs278.50 for buying and Rs278.80 for selling.

The rupee also recorded gains against most major international currencies. It strengthened by 39.84 paisa against the Euro to settle at 319.69, compared with 320.09 in the previous session.

Against the British Pound, the local unit appreciated by 49.72 paisa to 373.19, while it advanced 66.78 paisa versus the Swiss franc to close at 342.94.

The rupee also improved against the Japanese Yen, gaining 0.93 paisa to end the session at 1.7602, compared with 1.7695 a day earlier.

Against regional currencies, the local currency inched up by 0.21 paisa against the Chinese Yuan to close at 41.13, while it strengthened 1.60 paisa against the Saudi Riyal to 73.95 and 1.05 paisa against the UAE Dirham to 75.62.

Since the start of the current fiscal year, the rupee has appreciated by 39.65 paisa, or 0.14%, against the US dollar. On a calendar-year basis, it has gained Rs2.36, representing an appreciation of 0.85%.

Meanwhile, activity in the money market saw the benchmark six-month Karachi Interbank Bid and Offer Rates (KIBOR) edge higher by 2 basis points, with the bid rate rising to 11.51% and the offer rate to 11.76%.