PKR strengthens marginally against USD

The local currency strengthened slightly on Friday, with the interbank rate closing at Rs277.41 per dollar, according to Mettis Global. That was a move of 1.04 paisa from the prior close of Rs277.42. Bid quotes reached Rs277.60 during the session, while ask quotes stood at Rs277.40. Exchange companies in the open market quoted the greenback at Rs278.00 for buying and Rs278.50 for selling.

Against other major currencies, the rupee was weaker. The euro climbed 45.95 paisa or 0.14 per cent against the rupee, closing at Rs322.38, while the pound rose Rs1.08 or 0.29 per cent to Rs375.53. The rupee also lost ground to the Swiss franc, Japanese yen and Chinese yuan, while it edged higher against the Saudi riyal and UAE dirham.

On a cumulative basis, the rupee has gained 74.83 paisa or 0.27 per cent against the dollar in the current fiscal year, and Rs2.71 or 0.98 per cent in the calendar year so far. The table in the report shows the dollar's interbank close reached its highest level in 52 weeks. In the money market, the six-month Karachi Interbank Bid and Offer rates were unchanged at 11.61 per cent and 11.86 per cent.