PKR extends winning streak, gains nearly 3 paisa against USD

Mettis Global reported that the rupee added to its gains versus the US dollar on Monday, closing the interbank market at 277.47 after a 2.87 paisa improvement from Friday's 277.50. Intraday, the greenback traded between 277.45 and 277.65. Exchange companies in the open market quoted buying at 278.00 and selling at 278.55.

The rupee also firmed against several other currencies. It rose Rs1.31, or 0.41 per cent, against the euro to 321.85, while the pound gained Rs1.22 to settle at 375.81. The Swiss franc posted the sharpest rise among the currencies listed, adding Rs2.00 to close at 343.09. The Saudi riyal and UAE dirham also ended slightly higher at 73.90 and 75.55.

Cumulatively, the rupee has gained 68.86 paisa, or 0.25 per cent, against the dollar for the current fiscal year, and Rs2.65, or 0.96 per cent, so far this calendar year. In money markets, six-month KIBOR bid and offer rates held steady at 11.56 per cent and 11.81 per cent.