PKR edges higher against USD, settles at PKR 277.6

Mettis Global reported that the rupee firmed 2.94 paisa against the US dollar in Monday's interbank market, closing at Rs277.62 from Rs277.65 a day earlier. Trading ranged between Rs277.60 and Rs277.85 during the session. Exchange companies in the open market quoted the greenback at Rs278.50 to buy and Rs278.65 to sell.

Among other major currencies, the rupee lost ground to the euro, falling Rs2.45 or 0.77 per cent to Rs322.43. The pound dropped 0.66 per cent to Rs376.72, while the Swiss franc shed 0.69 per cent to end at Rs343.89. The Japanese yen and Chinese yuan also softened, whereas the riyal and dirham each edged up to Rs73.94 and Rs75.59.

Over the fiscal year to date the rupee has strengthened by 53.86 paisa, or 0.19 per cent, against the dollar, and by Rs2.50, or 0.90 per cent, across the calendar year. In the money market, the six-month Karachi Interbank Bid and Offer rates eased by one basis point to 11.50 and 11.75 per cent. For investors, the figures point to a relatively stable currency and a slight easing in benchmark short-term rates.