PKR gains ground against USD

Mettis Global reported that the rupee edged higher against the US dollar in Tuesday's interbank market, closing at Rs277.46 per dollar. The previous session had ended at Rs277.47, so the move was small. Trading stayed within a narrow Rs277.45 to Rs277.50 range during the day. Exchange houses in the open market offered Rs277.50 for buying dollars and Rs278.50 for selling.

The rupee also finished stronger against other major international currencies on the same day. It closed at Rs321.61 against the euro, Rs375.56 against the pound and Rs342.29 against the Swiss franc, with gains of 0.08 per cent, 0.07 per cent and 0.23 per cent respectively. Against the Japanese yen and the Chinese yuan, it was also higher, closing at Rs1.7344 and Rs41.27 respectively.

Over the current fiscal year the rupee has gained 69.77 paisa, or 0.25 per cent, against the dollar. Since the start of the calendar year it has added Rs2.66, or 0.96 per cent. In the money market, six-month Karachi Interbank Bid and Offer rates rose by 2 basis points to 11.58 per cent and 11.83 per cent respectively.