PKR firms up against USD, gains nearly 3 paisa

Mettis Global reported that the rupee edged up versus the greenback during Friday's interbank session, adding 2.94 paisa to finish at PKR 277.32 per dollar. That followed a close of PKR 277.35 in the prior session. Over the day the currency traded within a band whose upper bid stood at 277.50 and lower ask at 277.30.

Against other major currencies the rupee also firmed up. It rose Rs1.02 (0.32%) against the euro to PKR 321.71 and Rs1.11 (0.29%) against sterling to PKR 374.64. The Swiss franc recorded a Rs1.74 (0.51%) move in the rupee's favour, closing at PKR 340.63, while the Japanese yen, Chinese yuan, Saudi riyal and UAE dirham each registered smaller gains.

Year to date, the currency has firmed by 83.86 paisa (0.30%) against the dollar in the current fiscal year, and on a calendar-year basis it is up Rs2.80 (1.01%). In the money market, the six-month Karachi Interbank Bid and Offer rates rose 5 basis points to 11.74% and 11.99%. Open-market quotes for the dollar stood at PKR 277.70 to buy and PKR 278.40 to sell.