PKR settles below 278 per dollar for first time since December 2024

July 16, 2026 (MLN): The Pakistani rupee closed below the PKR 278-per-US dollar mark for the first time since December 9, 2024, after posting a marginal gain in Thursday's interbank session.

The local currency strengthened by 2.83 paisa against the US dollar to settle at PKR 277.97, compared with the previous close of PKR 278.00.

During the session, the local currency traded between an intraday high of PKR 278.05 and a low of PKR 277.95 against the greenback.

In the open market, exchange companies quoted the US dollar at PKR 278.25 for buying and PKR 279.05 for selling.

Against other major currencies, the rupee weakened by Rs1.08 versus the euro to settle at PKR 318.68, while it lost Rs4.24 against the British pound to close at PKR 375.92.

The local unit, however, appreciated by 5.65 paisa against the Swiss franc, ending the session at PKR 344.54.

Against the Japanese yen, the rupee slipped by 0.15 paisa to PKR 1.7148, while it also weakened by 16.78 paisa against the Chinese yuan to close at PKR 41.07.

Meanwhile, the rupee strengthened by 3.12 paisa against the Saudi riyal to PKR 74.02 and gained 0.98 paisa against the UAE dirham to settle at PKR 75.69.

So far in the current fiscal year, the rupee has appreciated by 18.82 paisa against the US dollar. On a calendar-year basis, it has gained Rs2.15.

In the money market, the benchmark six-month Karachi Interbank Bid and Offer rates remained unchanged at 11.39% and 11.64%, respectively.

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