PKR gains slightly against USD

During the session, the currency moved within a narrow band, touching an intraday bid of 279.35 and an ask of 279.30.

In the open market, exchange companies quoted the dollar at 279.20 for buying and 280.40 for selling.

Against other major international currencies, the rupee also recorded gains. It appreciated by 1.81 rupees, or 0.56%, versus the Euro to settle at 322.69, compared with the previous day’s close of 324.49.

Similarly, the rupee strengthened against the British Pound, rising by 1.04 rupees or 0.28% to close at 374.11, against 375.16 in the previous session.

The local currency advanced 1.85 rupees, or 0.52%, against the Swiss Franc to end the day at 357.24.

Against the Japanese Yen, the rupee improved by 0.58 paisa, or 0.33%, settling at 1.7595 compared with 1.7653 a day earlier.

The rupee also edged up against the Chinese Yuan, gaining 3.67 paisa, or 0.09%, to close at 40.64 from the previous 40.67.

However, the local unit slightly weakened against the Saudi Riyal by 0.24 paisa to close at 74.43. Meanwhile, it appreciated against the UAE Dirham by 0.98 paisa, or 0.01%, to settle at 76.06.

On a broader basis, the rupee has strengthened by 4.44 rupees, or 1.59%, against the US dollar during the current fiscal year. In the ongoing calendar year, the currency has gained 79.99 paisa, reflecting an increase of 0.29%.

In the money market, the benchmark six-month Karachi Interbank Bid and Offer Rates rose by 5 basis points, reaching 10.71% and 10.96%, respectively.