PKR rises by 7 paisa against USD in early session

KARACHI: On the penultimate trading day of 2024, the Pakistani rupee (PKR) exhibited a continued pattern of minor fluctuations against the US dollar (USD).

In early intraday trading, the rupee gained 7 paisa, with forex dealers quoting it at Rs277.40 against the greenback.

By the end of Friday’s interbank session, the PKR had declined by 9.70 paisa, or 0.03 per cent, closing the week at Rs278.47 against the dollar. This compared to Thursday’s closing rate of Rs278.37.

Throughout the ongoing financial year, the local currency has depreciated by 12.71 paisa, or 0.05 per cent, against the USD. However, since the start of 2024, the PKR has appreciated by Rs3.39, equivalent to a 1.22 per cent gain.

Here is a breakdown of the rupee’s performance against other major currencies in the previous trading session (Friday, December 27, 2024):

The PKR weakened by 3.57 paisa, or 0.05 per cent, against the Saudi Riyal, closing at Rs74.16.

Against the UAE Dirham, the rupee fell by 2.54 paisa, or 0.03 per cent, to close at Rs75.81.

The PKR dropped by 1.22 paisa, or 0.03 per cent, against the Chinese Yuan, closing at Rs38.15 from Rs38.14.

Against the Euro, the rupee declined by 75.51 paisa, or 0.26 per cent, closing at Rs290.15 compared to the previous value of Rs289.39.

The PKR strengthened slightly against the Japanese Yen, rising by 0.43 paisa, or 0.24 per cent, to close at Rs1.7646, up from Rs1.7689 the previous day.

Against the British Pound, the PKR depreciated by 16.33 paisa, or 0.05 per cent, to settle at Rs348.98 compared to Rs348.81 the day before.

The rupee also fell by 0.46 paisa against the Swiss Franc, closing the week at Rs309.34.

It is worth noting that the local currency has remained largely stable against the US dollar throughout 2024, with gains and losses both minimal. Analysts expect the PKR to conclude the year with a gain of less than 2 per cent.

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