Further appreciation of rupee against dollar and other currencies
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The Pakistani rupee (PKR) saw further gains against the US dollar (USD) on Friday, gaining 0.11 percent or 31 paise in early trading at the interbank market.
By morning, the rupee was trading at Rs 277.65, up 0.31 from the previous close.
Globally, the US dollar hovered near a 13-month high as investors weighed the Federal Reserve’s interest rate outlook. Uncertainty in Europe kept the euro under pressure, while Bitcoin hovered near the $100,000 mark.
For the current fiscal year, the PKR has appreciated by 38.22 paisa or 0.14 percent against the US dollar. On a calendar year basis, the currency has appreciated by Rs 3.90 or 1.40 per cent.
In Thursday’s interbank session, the PKR rose 8.33 paise or 0.03 percent to close at Rs 277.96 against the US dollar, against the previous day’s close of Rs 278.04.
In terms of other major currencies, the PKR closed at Rs 292.90 against the euro by Rs 1.06 or 0.36 per cent from Rs 293.96. It also strengthened against the British pound, which ended the session at Rs 351.41, up by Rs 1.51, or 0.43 per cent, against Rs 352.92 a day earlier.
However, the rupee weakened against some currencies. It closed down 42.19 paise, or 0.13 percent, at Rs 314.75 against the Swiss franc. The PKR closed down 1.01 paisa or 0.57 percent at Rs 1.7959 against the Japanese yen.
Additionally, the rupee depreciated marginally by 0.20 paise or 0.01 percent against the Chinese yuan, which closed at Rs 38.40.
On a positive note, it closed 1.92 paise or 0.03 percent higher at 74.04 rupees against the Saudi riyal, and 2.27 paise or 0.03 percent higher against the UAE dirham at 75.68 rupees.
