PKR strengthens marginally against greenback

Mettis Global reported that the rupee edged higher against the US dollar in Monday's interbank market, closing at Rs277.55 after gaining 0.89 paisa. The unit had finished the previous session at Rs277.56, and it moved within a narrow range between Rs277.55 and Rs277.65 during the day. Open market quotes from exchange companies put the greenback at Rs278.00 on the buy side and Rs278.60 on the sell side.

The rupee also firmed against other major currencies, including the British pound, the euro, the Swiss franc, the Japanese yen and the Chinese yuan. It gained 87.08 paisa, or 0.27%, on the euro, which settled at Rs323.69, while the pound closed at Rs378.26 after a 31.75 paisa improvement. Against the Swiss franc the rupee gained Rs1.09, or 0.31%, with the franc settling at Rs345.75, and the yen and yuan closed at Rs1.7425 and Rs41.28 after gains of 0.50 and 1.98 paisa. Versus the Saudi riyal the rupee slipped 0.05 paisa to Rs73.92, whereas the UAE dirham gained 0.86 paisa to close at Rs75.57.

Since the start of the fiscal year, the rupee has firmed by 60.99 paisa, or 0.22%, against the dollar. Measured on a calendar-year basis, the currency is up Rs2.57, a gain of 0.93%. In the money market, the six-month Karachi Interbank Bid and Offer Rates each moved up one basis point, reaching 11.56% and 11.81%.