The Pakistani rupee recorded a marginal improvement against the US dollar in the interbank market on Monday, closing at PKR 277.31 compared with PKR 277.32 at the end of the previous trading session. The local currency remained broadly stable against the dollar during the session despite movements across international currency markets.
During intraday trading, the rupee moved between a high bid rate of PKR 277.50 and a low ask rate of PKR 277.30 against the US dollar. In the open market, exchange companies quoted the dollar at PKR 277.50 for buying and PKR 278.35 for selling.
The rupee posted stronger gains against several other major currencies. It appreciated by PKR 1.77, or 0.55%, against the euro, closing at PKR 319.94 compared with PKR 321.71 previously. Against the British pound, the local currency gained 77.54 paisa, or 0.21%, to settle at PKR 373.86 from PKR 374.64.
The rupee also strengthened against the Swiss franc, gaining PKR 2.11, or 0.62%, to close at PKR 338.52. Against the Japanese yen, the local currency appreciated by 0.57 paisa, or 0.32%, settling at PKR 1.7945 compared with PKR 1.8002 in the previous session.
The local currency recorded smaller gains against regional currencies as well. It appreciated by 1.83 paisa, or 0.02%, against the Saudi riyal to close at PKR 73.84, while it gained 0.25 paisa against the UAE dirham to settle at PKR 75.50.
The Chinese yuan was the exception among the major currencies covered in the session. The rupee weakened by 1.19 paisa, or 0.03%, against the yuan, which closed at PKR 41.35 compared with PKR 41.34 previously.
On a broader basis, the rupee has appreciated by 84.81 paisa, or 0.31%, against the US dollar during the current fiscal year. On a calendar-year basis, the local currency has strengthened by PKR 2.81, representing a 1.01% gain against the dollar.
The rupee’s performance against other currencies has been mixed over longer periods. On a calendar-year basis, it has gained 2.79% against the euro, 0.89% against the British pound and 4.34% against the Swiss franc. It has, however, declined 0.30% against the Japanese yen while strengthening 1.16% against the Saudi riyal and 1.03% against the UAE dirham. Against the Chinese yuan, the rupee has gained 3.08% on a calendar-year basis.
Meanwhile, conditions in the money market remained unchanged. The benchmark six-month Karachi Interbank Bid and Offer rates stood at 11.74% and 11.99%, respectively.
The latest trading session therefore showed continued stability in the rupee-dollar exchange rate, with the local currency making broader gains against several major international currencies. The rupee’s cumulative appreciation against the US dollar during both the current fiscal year and calendar year also indicates a relatively stable trend in the domestic foreign exchange market.
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