PKR continues to strengthen against greenback

According to Mettis Global, the Pakistani rupee closed 3.23 paisa stronger against the dollar during Thursday's interbank trading, settling at Rs277.57 compared with Rs277.60 in the previous session. Trading stayed within a narrow band of Rs277.55 to Rs277.60 during the day. Exchange companies, meanwhile, offered the dollar at Rs278.00 to buy and Rs278.65 to sell in the open market.

Against other major currencies the rupee showed a split picture. It slipped Rs2.56 against the euro to Rs324.55 and lost Rs2.16 against the pound, closing at Rs378.41. The steepest fall in rupee terms came against the Swiss franc, where the currency lost Rs5.30 to close at Rs347.68.

The headline describes the rupee as strengthening further, although the dollar move was only 0.01%. Against the yen the rupee weakened by 0.83 paisa, or 0.48%, closing at Rs1.7520, while it also lost 8.28 paisa, or 0.20%, against the Chinese yuan, which settled at Rs41.28. By contrast, the rupee edged higher against the Saudi riyal and UAE dirham, gaining 1.06 paisa and 0.67 paisa, closing at Rs73.93 and Rs75.58.