PKR holds firm against dollar, settles at 277.01

During the session, the rupee traded at an intraday high (bid) of 277.00 and a low (ask) of 277.00.

In the open market, exchange companies quoted the dollar at PKR 277.20 for buying and PKR 280.00 for selling.

The local currency also gained ground against most major currencies. It appreciated by 20.30 paisa or 0.07% against the euro to close at PKR 309.89, compared to PKR 310.10 previously.

Against the British pound, the rupee strengthened by Rs1.20 or 0.33% to settle at PKR 365.56, versus PKR 366.76 a day earlier.

The PKR gained 32.86 paisa or 0.10% against the Swiss franc, closing at PKR 332.11, while it appreciated 0.11 paisa or 0.06% against the Japanese yen to settle at 1.7511 compared with 1.7522 in the preceding session.

Against the Chinese yuan, however, the rupee weakened by 1.58 paisa or 0.04% to close at 41.33 from 41.32.

The local unit strengthened 0.61 paisa against the Saudi riyal to 73.79, while it gained 0.22 paisa against the UAE dirham to close at 75.42.

So far in the current fiscal year, the rupee has appreciated by Rs1.15 or 0.41% against the US dollar. On a calendar-year basis, the PKR has gained Rs3.11 or 1.12%.

Meanwhile, in the money market, the benchmark 6-month Karachi Interbank Bid and Offer rates remained unchanged at 12.13% and 12.38%, respectively.