PKR extends gains, edges up against USD

During intraday trading, the local currency touched a high (bid) of 279.10 and a low (ask) of 278.80, reflecting relatively stable movement throughout the day.

In the open market, exchange companies quoted the dollar at 279 for buying and 279.95 for selling, maintaining a slight premium over interbank rates.

Against major global currencies, the PKR showed a mixed performance. The rupee strengthened against the Euro, appreciating by 64.05 paisa (0.19%) to close at 328, compared to 328.64 in the previous session.

Similarly, the local unit gained ground against the British Pound, rising by 57.27 paisa (0.15%) to settle at 376.52, down from 377.09 a day earlier.

However, the rupee weakened against the Swiss Franc, slipping by 57.78 paisa (0.16%) to close at 356.64.

Against the Japanese Yen, the PKR depreciated by 0.23 paisa (0.13%) to 1.7538, compared to 1.7515 in the previous session. It also lost 4.48 paisa (0.11%) against the Chinese Yuan, closing at 40.90.

In regional currency comparisons, the rupee edged down by 0.40 paisa (0.01%) against the Saudi Riyal to 74.36, while it posted a marginal gain of 0.30 paisa against the UAE Dirham to settle at 75.93.

On a cumulative basis, the rupee has strengthened by 4.85 against the US Dollar during the current fiscal year, reflecting an appreciation of 1.74%.

On a calendar year basis, the PKR has gained 1.21, translating into an increase of 0.43%.

In the money market, benchmark 6-month Karachi Interbank Bid and Offer rates edged down by 3 basis points, settling at 11.22% and 11.47%, respectively, indicating slightly eased short-term liquidity conditions.