PKR extends gains against USD, settles at 277.1

Mettis Global reported that the rupee firmed against the US dollar on Thursday, closing at Rs277.10 in the interbank market from Rs277.11 at the previous close. Exchange companies quoted the greenback at Rs277.70 for buying and Rs278.15 for selling in the open market. Both the bid and the ask rate in the interbank stood at Rs277.10 during the session.

The rupee also gained against major currencies such as the euro, the pound and the Swiss franc. The euro rate dropped to Rs312.83 from Rs314.64, while the pound closed at Rs366.32 compared with Rs367.83 a day earlier. The franc settled at Rs331.56 after a rise of Rs1.05, and the rupee gained 0.92 per cent against the yen, with the rate at Rs1.7495 from Rs1.7657.

Since the start of the current fiscal year, the rupee has gained Rs1.06, or 0.38 per cent, against the dollar. On a calendar-year basis the gain is Rs3.02, or 1.09 per cent. In the money market, the six-month KIBOR rose 18 basis points to 12.01 per cent bid and 12.26 per cent offer.