PKR strengthens to 277.2 against USD

Mettis Global reported that the rupee edged up against the greenback in Wednesday's interbank market, closing at Rs277.20 per dollar. That was 0.93 paisa stronger than Tuesday's close of Rs277.21, and the currency traded within a band of Rs277.20 to Rs277.25 during the session.

Exchange companies in the open market quoted the dollar at Rs277.70 for buying and Rs277.25 for selling. Against other major currencies, the rupee rose 0.14 per cent against the euro to Rs316.58 and 0.24 per cent against the pound to Rs368.82, while it gained slightly against the Swiss franc, yen and yuan. It weakened marginally against the Saudi riyal and UAE dirham, however.

Over the current fiscal year the rupee has appreciated 0.35 per cent against the dollar. The rupee has also gained Rs2.92, or 1.05 per cent, so far in the calendar year. In the money market, six-month Karachi Interbank Bid and Offer rates eased by 1 basis point to 11.71 and 11.96 per cent, respectively.