PKR continues positive run against USD

According to Mettis Global, the rupee edged up on Thursday, closing at Rs277.51 against the US dollar in the interbank market, 0.82 paisa stronger than the prior close of Rs277.52. Over the session it traded within a narrow band between Rs277.50 and Rs277.60. Open-market exchange companies were quoting the greenback at Rs278.00 to buy and Rs278.60 to sell.

Against other major currencies the picture was mixed. The rupee firmed 23.15 paisa, or 0.07%, against the euro to close at Rs323.36, and added Rs1.37, or 0.36%, against the pound to reach Rs377.05. It also strengthened by 97.39 paisa, or 0.28%, against the Swiss franc at Rs344.29, while losing 0.15 paisa, or 0.09%, to the yen at Rs1.7418 and 1.78 paisa, or 0.04%, to the yuan at Rs41.30.

Against the Saudi riyal and UAE dirham, the rupee firmed by 0.22 paisa and 0.84 paisa. Since the start of the fiscal year, the rupee has added 64.68 paisa, or 0.23%, against the dollar, and on a calendar-year basis the gain is Rs2.61, or 0.94%. In money markets, the six-month KIBOR bid and offer rates each eased by one basis point, to 11.55% and 11.80%.