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Intraday trade: PKR gains 3 paisa against USD

Intraday trade: PKR gains 3 paisa against USD

Web Desk
Dec 31, 2024

KARACHI: The Pakistani rupee (PKR) remained largely stable against the US dollar (USD), appreciating by only 0.01 per cent during the opening hours of the last trading day of 2024.

In the morning session, the rupee hovered at Rs278.45, gaining three paisa against the greenback.

Since the beginning of fiscal year 2025, the PKR has decreased against the USD by 13.60 paisa or 0.05 per cent. However, it has strengthened by Rs3.38 or 1.21 per cent since the start of 2024.

Previous closing

Here is how the PKR performed against the USD and other major currencies on the previous trading day (Monday, December 30, 2024):

According to the State Bank of Pakistan (SBP), the PKR remained largely stable against the USD in today’s session, experiencing a slight dip of 0.89 paisa to close at Rs278.48 per USD, compared to Rs278.47 in the previous session.

Against the Japanese yen, the PKR increased by 0.06 paisa or 0.03 per cent, closing at Rs1.7640 compared to Rs1.7646 a day earlier. However, it fell by 0.34 paisa or 0.00 per cent against the UAE dirham, closing at Rs75.82.

Against the British pound, the PKR weakened by 98.58 paisa or 0.28 per cent, ending the session at Rs349.96 versus Rs348.98 the previous day. The local currency also deteriorated by 0.24 paisa against the Saudi riyal, closing at Rs74.16.

The PKR depreciated by 6.50 paisa or 0.02 per cent against the euro, closing at Rs290.21, down from Rs290.15. However, it appreciated by 69.30 paisa or 0.22 per cent against the Swiss franc, closing at Rs308.65. Additionally, the PKR slipped by 0.15 paisa against the Chinese yuan, closing at Rs38.15.

On the international front, the US dollar remained firm on the last trading day of 2024, poised to end the year with strong gains against most currencies as investors braced for fewer US interest rate cuts and the incoming Trump administration’s policies.

The US dollar’s ascent, supported by rising Treasury yields, has pushed the yen towards its lowest level since July, when Japanese authorities last intervened. On Tuesday, the yen stood at 157.02 per US dollar, marking a 10 per cent drop in 2024 and its fourth consecutive year of decline against the dollar.

Consequently, the US dollar index, which measures the greenback against six other major currencies, stood at 108.06, not far from the two-year high reached earlier this month. The index has risen by 6.6 per cent in 2024 as traders adjusted their expectations of significant rate cuts in the coming year.