PKR holds firm, extends winning run against USD

According to the State Bank of Pakistan (SBP), the local currency gained 0.96 paisa to close at PKR 277.86 per US dollar, compared with the previous session's closing level of PKR 277.87.

During intraday trading, the rupee touched a high of 278.05 and a low of 277.85 against the greenback.

In the open market, exchange companies quoted the US dollar at PKR 278.80 for buying and PKR 279.00 for selling.

The rupee, however, showed mixed performance against other major currencies.

It weakened by 29.47 paisa (0.09%) against the euro to PKR 316.67, slipped 7.06 paisa (0.02%) against the British pound to PKR 370.51, and declined 48.91 paisa (0.14%) versus the Swiss franc to PKR 340.81.

Similarly, the local currency lost 0.25 paisa (0.15%) against the Japanese yen to PKR 1.6992, while it eased 4.14 paisa (0.10%) against the Chinese yuan to PKR 41.06.

On the other hand, the rupee strengthened against Gulf currencies, appreciating 0.65 paisa (0.01%) against the Saudi riyal to PKR 74.02 and 0.68 paisa (0.01%) against the UAE dirham to PKR 75.65.

The latest gain extends the rupee's appreciation against the US dollar to 29.96 paisa (0.11%) in the current fiscal year. On a calendar-year basis, the currency has strengthened by Rs2.26, reflecting an appreciation of 0.81%.

Meanwhile, in the money market, the benchmark six-month Karachi Interbank Bid and Offer Rates edged down by 1 basis point to 11.50% and 11.75%, respectively.