PKR holds firm against USD, gains nearly 3 paisa

According to Mettis Global, the rupee edged up in Monday's interbank market, gaining 2.94 paisa to finish at Rs277.22 per dollar. It had ended the previous session at Rs277.25. Over the day it traded between 277.20 and 277.35.

Against other major currencies the picture was mixed, with the rupee slipping 7.71 paisa to Rs318.35 against the euro and 55.66 paisa to Rs371.12 against the pound. It also lost ground to the Swiss franc, yen and yuan, while firming slightly against the Saudi riyal and UAE dirham. Exchange companies in the open market quoted the dollar at Rs277.70 to buy and Rs278.30 to sell.

Year to date, the local unit is up 93.86 paisa, or 0.34 per cent, against the greenback. Since the start of the calendar year, the currency has strengthened by Rs2.90, or 1.05 per cent. In the money market, the six-month Karachi Interbank bid rate rose 2 basis points to 11.73 per cent, while the offer rate climbed to 11.98 per cent.