PKR strengthens by 3 paisa against USD

During the trading session, the local currency fluctuated between an intraday high (bid) of Rs278.00 and a low (ask) of Rs277.90 against the greenback.

In the open market, exchange companies quoted the US dollar at Rs278.80 for buying and Rs279.00 for selling.

The rupee also recorded gains against most major international currencies. It appreciated by 49.51 paisa (0.16%) versus the euro to settle at Rs317.50, compared with Rs317.99 a day earlier.

Against the British pound, the local unit advanced by 87.68 paisa (0.23%) to close at Rs373.54, while it strengthened by Rs1.40 (0.41%) against the Swiss franc to Rs343.13.

The rupee also improved against the Japanese yen, rising by 0.33 paisa (0.19%) to Rs1.7087, compared with the previous close of Rs1.7120.

However, the local currency slipped slightly against a few regional currencies. It weakened by 0.38 paisa (0.01%) against the Chinese yuan to Rs41.08 from Rs41.07, and lost 0.72 paisa (0.01%) against the Saudi riyal to settle at Rs74.03.

Meanwhile, the rupee gained 0.87 paisa (0.01%) against the UAE dirham, ending the session at Rs75.67.

So far in the current fiscal year, the rupee has appreciated by 24.04 paisa (0.09%) against the US dollar. On a calendar-year basis, it has strengthened by Rs2.20, reflecting a gain of 0.79%.

In the money market, the benchmark six-month Karachi Interbank Bid and Offer Rates (KIBOR) eased by 2 basis points to 11.40% and 11.65%, respectively.