Intraday trade: PKR gains 15 paisa against USD

KARACHI: The Pakistani rupee (PKR) saw a marginal improvement against the US dollar (USD), appreciating by 0.05 per cent during early trading hours in the interbank market on Friday.

Before 11:00 AM, the home unit was trading at Rs278.22, reflecting a gain of 15 paisa against the dollar.

According to the State Bank of Pakistan (SBP), the PKR strengthened by 9.94 paisa, or 0.04 per cent, in Thursday’s interbank session, closing at Rs278.37 per USD, compared to Wednesday’s closing rate of Rs278.47.

So far during this fiscal year, the PKR has depreciated by 3.01 paisa, or 0.01 per cent, against the dollar. However, since the start of 2024, it has gained Rs3.49, or 1.25 per cent.

On the international front, the Japanese yen hovered near a five-month low against the US dollar on Friday as the US Federal Reserve’s hawkish stance contrasted with the Bank of Japan’s cautious approach to further policy tightening.

The yen traded at 157.725 per USD as of 0030 GMT, slightly up by 0.1 per cent from Thursday, but still close to its session low of 158.09, the weakest level since July 17.

The US dollar index, which measures the dollar against six major currencies including the yen, euro, and pound sterling, remained steady at 108.09, staying largely unchanged throughout the week. For the month, it has risen by 2.2 per cent.

With many traders on holiday due to Christmas and New Year, market activity has slowed down.

In cryptocurrency markets, Bitcoin remained steady at $95,660, declining 1.2 per cent for the month. The digital currency reached a record high of $108,379.28 on December 17 and has surged approximately 125 per cent so far this year.

Here is how the PKR performed against other currencies on Thursday:

Against the Chinese yuan, PKR appreciated by 1.52 paisa, or 0.04 per cent, to close at Rs38.14 from Rs38.15.

The PKR rose by 4.76 paisa, or 0.02 per cent, against the euro, closing at Rs289.39, compared to Rs289.44.

Against the Swiss franc, PKR appreciated by 9.32 paisa, or 0.03 per cent, to settle at Rs309.34.

The rupee increased by 29.16 paisa, or 0.08 per cent, against the British pound, closing at Rs348.81, compared to Rs349.10 the previous day.

PKR gained 2.81 paisa, or 0.04 per cent, against the UAE dirham to close at Rs75.79.

Against the Saudi riyal, the local currency appreciated by 0.68 paisa, or 0.01 per cent, closing at Rs74.12.

The PKR’s value rose by 0.33 paisa, or 0.19 per cent, against the Japanese yen, ending the session at Rs1.7689 compared to Rs1.7722 a day earlier.

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