PKR gains marginally against USD

During the trading session, the local currency moved within a narrow range, touching an intraday high of PKR 278.30 and a low of PKR 278.20 against the greenback.

In the open market, exchange companies quoted the US dollar at PKR 278.25 for buying and PKR 279.30 for selling.

The rupee also strengthened against most major international currencies. Against the euro, it appreciated by 30.18 paisa to settle at PKR 318.44, compared to PKR 318.74 in the previous session.

Similarly, the local currency gained 37.71 paisa against the British pound, ending the day at PKR 367.04 versus PKR 367.42 a day earlier.

The Swiss franc saw one of the stronger moves, with the rupee advancing by 76.51 paisa to close at PKR 343.99.

Against the Japanese yen, the rupee improved by 0.49 paisa, settling at PKR 1.7204 compared to PKR 1.7253 in the previous session.

The local unit also registered gains against regional currencies, appreciating by 5.57 paisa versus the Chinese yuan to close at PKR 41.05.

Against the Saudi riyal, the rupee strengthened by 1.86 paisa to PKR 74.12, while it edged up by 0.47 paisa against the UAE dirham to settle at PKR 75.75.

On a cumulative basis, the rupee has appreciated by PKR 5.54, or 1.99%, against the US dollar during the current fiscal year.

Since the start of the calendar year, it has gained PKR 1.90, reflecting an appreciation of 0.68%.

Meanwhile, activity in the money market remained subdued, with the benchmark six-month Karachi Interbank Bid and Offer rates declining by 4 basis points each to 11.75% and 12.00%, respectively.