PKR strengthens marginally against USD

During the session, the local currency remained stable, recording both an intraday high and low at 278.40, indicating a narrow trading range.

In the open market, exchange companies quoted the US dollar at 278.00 for buying and 279.45 for selling.

Against other major currencies, the rupee posted broad-based gains.

It appreciated by 3.32 rupees or 1.03% against the euro, closing at 320.68 compared to 324.00 in the previous session.

The local unit also strengthened against the British pound, rising 3.30 rupees or 0.88% to 371.10.

Similarly, the rupee gained 4.55 rupees or 1.29% versus the Swiss franc, while inching up 0.27 paisa or 0.16% against the Japanese yen to close at 1.7380.

Against the Chinese yuan, it appreciated 8.58 paisa or 0.21% to settle at 41.04.

In Gulf currencies, the rupee strengthened 4.57 paisa against the Saudi riyal to 74.11, and slightly appreciated by 1.05 paisa against the UAE dirham, closing at 75.80.

On a broader basis, the rupee has gained 5.36 rupees or 1.93% against the US dollar during the current fiscal year and is up 1.72 rupees or 0.62% so far in the calendar year.

In the money market, benchmark 6-month Karachi Interbank Bid and Offer rates edged up by 2 basis points, settling at 12.25% and 12.50% respectively.