PKR edges higher, closes at 277.5 against USD

According to Mettis Global, the rupee firmed against the dollar on Friday, gaining 1.31 paisa in the interbank market to finish at Rs277.50 per USD. That compares with Rs277.51 at the previous session's close. During the day the currency oscillated between a high of Rs277.65 and a low of Rs277.50.

In the open market, exchange companies quoted the dollar at Rs277.50 for buying and Rs278.55 for selling. Against the euro the rupee closed at Rs323.16, a small gain, while it settled at Rs377.03 against the pound. It lost ground to the Swiss franc, which fell 79.72 paisa to end at Rs345.09.

So far in the current fiscal year the rupee has appreciated by 65.99 paisa, or 0.24 per cent, against the dollar. In the calendar year to date it has gained Rs2.62, a rise of 0.94 per cent. In the money market, the six-month KIBOR edged up by one basis point to 11.56 per cent bid and 11.81 per cent offer.