The Pakistani rupee recorded a marginal improvement against the US dollar on Tuesday, gaining nearly 3 paisa in the interbank market as the local currency closed at PKR 277.37 per dollar. According to market data, the rupee had ended the previous trading session at PKR 277.40 against the US currency. The latest movement represents a modest daily gain, while the local currency has continued to show an overall appreciation against the dollar during both the ongoing fiscal year and the calendar year.
During Tuesday’s trading session, the rupee moved within a relatively narrow range against the US dollar. The currency recorded an intraday high bid of PKR 277.60, while the intraday low ask stood at PKR 277.35. In the open market, exchange companies quoted the US dollar at PKR 277.50 for buying and PKR 278.40 for selling. The difference between the interbank and open market rates remained limited, with the local currency maintaining its position close to the PKR 277 level against the US dollar.
The rupee also recorded gains against several major international currencies during the session. Against the Euro, the local currency appreciated by 57.46 paisa, or 0.18%, to settle at PKR 322.15 compared with PKR 322.73 in the previous session. The rupee also strengthened against the British Pound, gaining 39.99 paisa, or 0.11%, to close at PKR 375.27 from the earlier level of PKR 375.67. Against the Swiss Franc, the local currency posted a stronger gain of 88.19 paisa, or 0.26%, ending the session at PKR 342.10.
The Japanese Yen was among the currencies against which the Pakistani rupee weakened during Tuesday’s trading. The local currency lost 0.33 paisa, or 0.18%, against the Yen, with the exchange rate moving to PKR 1.8027 from PKR 1.7994 previously. Against the Chinese Yuan, however, the rupee gained 0.53 paisa, or 0.01%, settling at PKR 41.33 compared with PKR 41.34 in the previous session. The movement against the Yuan remained marginal, reflecting only a small change in the exchange rate.
The local currency also strengthened against the Saudi Riyal and the UAE Dirham. The rupee appreciated by 1.76 paisa, or 0.02%, against the Saudi Riyal to reach PKR 73.86, compared with PKR 73.88 in the previous session. Against the UAE Dirham, the rupee gained 1.20 paisa, or 0.02%, closing at PKR 75.52 from PKR 75.53 a day earlier. These movements added to the rupee’s broader gains against several major currencies during the trading session.
On a cumulative basis, the Pakistani rupee has appreciated by 78.86 paisa, or 0.28%, against the US dollar during the ongoing fiscal year. Since the beginning of the calendar year, the local currency has gained PKR 2.75 against the dollar, representing an appreciation of 0.99%. The currency’s performance against individual currencies has varied, with the rupee showing notable movements against the Euro, British Pound, Swiss Franc, Japanese Yen, Saudi Riyal, UAE Dirham and Chinese Yuan.
Meanwhile, money market rates edged higher during the session. The benchmark six-month Karachi Interbank Bid and Offer rates increased by 1 basis point, reaching 11.63% and 11.88%, respectively. The movement in these rates comes as the foreign exchange market continues to track changes in the value of the Pakistani rupee alongside developments in domestic money market conditions.
The latest exchange rate data also showed varied performance over the past year across major currencies. The US dollar stood at PKR 277.37, while the Euro was at PKR 322.15, the British Pound at PKR 375.27 and the Swiss Franc at PKR 342.10. The Japanese Yen was quoted at PKR 1.8027, while the Saudi Riyal, UAE Dirham and Chinese Yuan were recorded at PKR 73.86, PKR 75.52 and PKR 41.33, respectively. Overall, Tuesday’s trading reflected a marginal strengthening of the Pakistani rupee against the US dollar and several other major currencies, alongside a slight increase in benchmark money market rates.
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