PKR keeps climbing, dollar keeps slipping

May 18, 2026 (MLN): The Pakistani rupee continued its upward trajectory against the US dollar on Monday, edging higher in the interbank market as the local currency settled at PKR 278.60 per USD a gain of 0.84 paisa from the previous session's close of 278.61.

During intraday trading, the rupee fluctuated between a high of 278.80 and a low of 278.60 on the bid and ask sides, respectively. In the open market, exchange companies offered the greenback at 278.70 for buying and 279.65 for selling.

The rupee's resilience was not limited to the dollar. Against the Euro, PKR gained 20.48 paisa or 0.06%, closing at 324.04 versus 324.25 in the prior session.

The local unit also strengthened 26.20 paisa or 0.07% against the British Pound, ending the day at 372.03 compared to 372.29.

Against the Swiss Franc, the rupee picked up 3.33 paisa or 0.01%, settling at 354.73.

In Asian currencies, PKR appreciated 0.52 paisa or 0.30% against the Japanese Yen, closing at 1.7532 versus 1.7584 a day earlier, while it held steady against the Chinese Yuan at 40.96.

The rupee also posted modest gains against Gulf currencies, rising 1.41 paisa or 0.02% against the Saudi Riyal to 74.23, and adding 0.02 paisa against the UAE Dirham to close at 75.86.

On a broader scale, the rupee's steady recovery remains encouraging. Since the start of the current fiscal year, PKR has strengthened by 5.16 rupees or 1.85% against the dollar, while calendar year-to-date gains stand at 1.52 rupees or 0.55%.

In the money market, the benchmark 6-month Karachi Interbank Bid and Offer (KIBOR) rates rose by 6 basis points, reaching 12.06% and 12.31%, respectively, reflecting continued activity in the short-term lending market.

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