PKR edges higher against USD

December 09, 2024 (MLN): The Pakistani rupee (PKR) rose by 3.42 paisa or 0.01% against the US dollar in Monday's interbank session to settle the trade at PKR 277.98 per USD, compared to previous closing of 278.01.

Throughout the day, the currency saw an intraday high (bid) of 277.95 and a low (ask) of 277.9.

In the open market, exchange companies quoted the dollar at 277.3 for buying and 279 for selling.

Pakistani Rupee (PKR) is silently and steadily on track to snap its seven-year-long losing streak against the mighty Dollar this calendar year, a magnificent comeback from being titled as one of Asia’s worst-performing currencies last year.

This probably would set out as the highest percentage gain since 2014, where the home unit gained 4.82% against the mighty Dollar.

In comparison to major currencies, PKR rose 53.65 paisa or 0.18% against the Euro, closing at 293.67 compared to the previous value of 294.20.

Against the British Pound, PKR rose by 1.59 paisa or 0.00% to 354.82 compared to 354.84 a day ago.

The local unit increased 14.69 paisa or 0.05% against Swiss franc to close at 316.19.

Against the Japanese Yen, PKR's value increased 0.06 paisa or 0.03% to close the session at 1.8489 versus 1.8495 a day ago.

Pakistani Rupee increased 7.55 paisa or 0.20% against Chinese Yuan to close at 38.21 from 38.29.

The local currency strengthened by 0.82 paisa or 0.01% against Saudi Riyal to 74.00. While it increased by 0.73 paisa or 0.01% against the U.A.E Dirham to close at 75.68.

During the current fiscal year, PKR has increased against the US Dollar by 36.62 paisa or 0.13%. While it has gained 3.89 rupees or 1.40% so far this calendar year.

In the Money Market, the benchmark 6 Month Karachi Interbank Bid and Offer rates inched down by 3bps to 12.28% and 12.53%.

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