PKR gains further ground against USD

Mettis Global reported that the rupee firmed slightly on Tuesday, closing at Rs277.52 per dollar in the interbank market. That level was 2.87 paisa stronger than the previous session's close of Rs277.55. During the day the currency traded between a high bid of Rs277.60 and a low ask of Rs277.50.

Exchange companies quoted the dollar at Rs277.50 for buying and Rs278.55 for selling in the open market. Against other major currencies, the rupee's performance was mixed. Versus the euro, the rupee strengthened to Rs323.59, a rise of 10.30 paisa or 0.03%. Against the pound, however, the rupee lost 15.51 paisa, or 0.04%, and closed at Rs378.42.

The rupee has added 63.86 paisa, or 0.23%, versus the dollar so far this fiscal year. The gain in the calendar year to date stands at Rs2.60, or 0.94%. In the money market, the six-month KIBOR was unchanged at 11.56% bid and 11.81% offer.