PKR extends stability in interbank market

The rupee strengthened slightly against the dollar in interbank trading on Thursday, according to Mettis Global. It closed at Rs277.35 per dollar, a 1.24 paisa gain from the previous day's close of Rs277.36. Bids peaked at Rs277.40 during the session, while the lowest offer stood at Rs277.35.

Open market rates from exchange firms were Rs277.50 to buy and Rs278.40 to sell. The euro ended at Rs322.73, after the rupee shed 20.75 paisa, or 0.06 per cent, against it. The pound settled at Rs375.74 once the rupee gave up 19.12 paisa, or 0.05 per cent, while the yuan rose to Rs41.36 as the rupee lost 0.50 paisa against it. Against the Japanese yen, the rupee firmed 0.13 paisa, or 0.07 per cent, to close at Rs1.8056.

Over the current fiscal year, the local unit has firmed 80.92 paisa, or 0.29 per cent, against the greenback. Across the calendar year to date, its gain versus the dollar reaches Rs2.77, or 1.00 per cent. In money markets, the six-month Karachi Interbank Bid and Offer rates climbed 6 basis points, to 11.69 per cent and 11.94 per cent respectively.