PKR extends gains, ends higher against USD

The rupee appreciated by 1.16 paisa to settle at PKR 277.71 per US dollar, compared with the previous close of PKR 277.72.

During the trading session, the local currency touched an intraday high (bid) of PKR 277.85 and a low (ask) of PKR 277.70 against the greenback.

In the open market, exchange companies quoted the US dollar at PKR 278.00 for buying and PKR 278.75 for selling.

Among other major currencies, the rupee advanced by 51.34 paisa, or 0.16%, against the Euro to close at PKR 319.94, compared with PKR 320.45 in the previous session.

The local unit also strengthened against the British Pound, gaining 27.96 paisa, or 0.07%, to settle at PKR 373.41 from PKR 373.69.

Against the Swiss franc, the rupee appreciated by 88.10 paisa, or 0.26%, to end the session at PKR 342.20.

The currency also posted gains against the Japanese Yen, rising by 0.67 paisa, or 0.38%, to PKR 1.7525 from PKR 1.7592 a day earlier.

However, the rupee edged lower against the Chinese Yuan, slipping by 0.99 paisa to PKR 41.16 from PKR 41.15.

Similarly, it weakened by 1.65 paisa against the Saudi Riyal to close at PKR 73.97, while it recorded a marginal gain of 0.32 paisa against the UAE Dirham to settle at PKR 75.62.

So far in the current fiscal year, the rupee has appreciated by 45.02 paisa, or 0.16%, against the US dollar. On a calendar-year basis, it has strengthened by PKR 2.41, representing a gain of 0.87%.

Meanwhile, activity in the money market remained steady, with the benchmark six-month Karachi Interbank Bid and Offer rates unchanged at 11.51% and 11.76%, respectively.