Intraday trade: PKR loses 5 paisa against USD

KARACHI: The Pakistani rupee (PKR) experienced a slight drop against the US dollar (USD) in the inter-bank market on Monday, depreciating by 0.02 per cent during early trading hours.

By 10:30 AM, the rupee was trading at Rs278.80, down by 5 paisa from its previous close. Last week, the rupee remained relatively stable, closing at Rs278.75 on Friday, a minor change from the Rs278.71 close the previous week, according to the State Bank of Pakistan (SBP).

Since the start of the fiscal year, the rupee has depreciated by 41.10 paisa or 0.15 per cent against the dollar. Additionally, it has weakened by 20.22 paisa or 0.07 per cent since the beginning of 2025.

International developments impacting US dollar

On the global front, the US dollar strengthened on Monday as traders weighed the impact of US President Donald Trump’s latest tariff announcements.

These come as the Federal Reserve is expected to keep interest rates unchanged this week. Last week, the dollar had its weakest performance since November 2023, as concerns about potential tariffs eased.

However, those worries resurfaced after President Trump announced sweeping trade measures against Colombia in response to the country refusing entry to two US military planes deporting migrants under the administration’s stricter immigration policies.

PKR’s performance against other currencies

On Friday, January 24, 2025, the rupee declined by 2.94 paisa or 0.01 per cent, closing at Rs278.75 against the dollar, compared to Rs278.72 a day earlier. It also saw minor losses against other currencies:

The rupee weakened by 1.18 paisa or 0.02 per cent against the Saudi Riyal, closing at Rs74.31.

Against the UAE Dirham, it fell by 1.01 paisa or 0.01 per cent, closing at Rs75.89.

In the open market, currency exchange companies quoted the dollar at Rs279.5-Rs280 for buying and Rs281.3-Rs281.5 for selling.

Comparing PKR to major global currencies, the rupee also saw notable declines:

It dropped by 19.13 paisa or 0.50 per cent against the Chinese Yuan, closing at Rs38.45.

Against the British Pound, the rupee weakened by Rs2.52 or 0.73 per cent, ending at Rs345.29.

It depreciated by 74.52 paisa or 0.24 per cent against the Swiss Franc, closing at Rs307.95.

The rupee lost 1.43 paisa or 0.80 per cent against the Japanese Yen, ending at Rs1.7938.

Against the Euro, the rupee fell by Rs1.90 or 0.66 per cent, closing at Rs291.62.

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