PKR maintains uptrend, gains against USD

According to Mettis Global, the rupee firmed by 1.09 paisa on Friday, closing the interbank session at 277.56 per dollar. Intraday, the currency touched a high of 277.65 on the bid side and a low of 277.55 on the ask side. Open-market exchange companies quoted the greenback at 277.50 for buying and 278.60 for selling.

Against other major currencies the picture was mixed. The rupee shed 1.51 paisa against the euro, which ended at 324.57 from 324.55, and lost 16.57 paisa, or 0.04%, against the pound, closing at 378.58. It gained 0.24% on the Swiss franc, reaching 346.84, and firmed 0.26% on the Japanese yen, with that rate easing to 1.7475 from 1.7520. The rupee also slipped 0.05% against the Chinese yuan, to 41.30 from 41.28.

Over the current fiscal year the rupee has strengthened 60.10 paisa, or 0.22%, against the dollar, and on a calendar-year basis it has gained Rs2.56, or 0.92%. Money market rates also moved, as the six-month Karachi Interbank Bid and Offer rates each rose one basis point, to 11.55% and 11.80%.