PKR posts modest gain against USD

Mettis Global reported that the rupee edged higher on Monday against the US dollar, closing the interbank session at Rs277.15 compared with Rs277.16 the previous day, a gain of 0.81 paisa. Exchange companies in the open market quoted the greenback at Rs277.25 for buying and Rs278.20 for selling. Trading stayed in a tight band, with the intraday high and low both at Rs277.15.

Against other major currencies, the picture was mixed. The rupee rose 34.17 paisa, or 0.11 per cent, against the euro and 93.51 paisa, or 0.28 per cent, against the Swiss franc. It lost ground to the British pound, the Japanese yen, the Saudi riyal and the UAE dirham, while the Chinese yuan closed at Rs41.29 after a 0.37 paisa decline.

Over longer periods, the rupee has strengthened by Rs1.01, or 0.36 per cent, against the dollar this fiscal year, and by Rs2.97, or 1.07 per cent, since the start of the calendar year. In the money market, six-month Karachi Interbank Bid and Offer quotes climbed 4 basis points, reaching 11.77 per cent and 12.02 per cent respectively.