Intraday trade: PKR rises 19 paisa against US dollar

KARACHI: The Pakistani rupee (PKR) saw a slight improvement against the US dollar, rising by 0.07 per cent during early trading hours in the interbank market on Wednesday.

Around 10 AM, the rupee was trading at Rs277.55 to the dollar, reflecting a gain of 19 paisa.

On a global scale, the US dollar reached a two-and-a-half-month high as investors adjusted their expectations for a gradual reduction in interest rates. This comes amid heightened focus on the ongoing presidential election race in the US.

In contrast, the PKR had slightly weakened in the previous trading session, losing 5 paisa (0.02 per cent) to close at Rs277.74 against the dollar on Tuesday.

This marked a minor decline from Monday’s closing rate of Rs277.69. During the session, the rupee fluctuated between a high of Rs277.80 and a low of Rs277.70.

Despite these small changes, the PKR has gained 60.38 paisa, or 0.22 per cent, since the start of the current fiscal year. For the calendar year so far, it has appreciated by Rs4.12, or 1.48 per cent.

Here’s how the rupee fared against other major currencies on Tuesday:

British Pound: The PKR gained 42.09 paisa (0.12 per cent), closing at Rs361.14.

Euro: It strengthened by 37.62 paisa (0.12 per cent) to end at Rs300.90.

Japanese Yen: The rupee rose by 1.17 paisa (0.63 per cent) to settle at Rs1.8415.

UAE Dirham: The PKR dropped slightly by 1.36 paisa (0.02 per cent) to Rs75.61.

Chinese Yuan: It edged up by 2.91 paisa (0.07 per cent) to close at Rs39.00.

Swiss Franc: The rupee weakened by 9.50 paisa (0.03 per cent), finishing at Rs321.10.

Saudi Riyal: It slipped by 1.14 paisa (0.02 per cent) to close at Rs73.95.

Overall, the rupee’s performance remains relatively stable, with minor fluctuations across various currencies.

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