PKR breaks below 277 against USD for first time since October 2023

According to Mettis Global, the rupee gained ground against the dollar on Monday and closed at Rs276.97 in interbank trading, a 3.04 paisa improvement on the previous session's 277.00. The move marks the first close below 277 since October 16, 2023, when the rupee settled at 276.8346. Within the session, the dollar's bid peaked at 277.05 while its ask bottomed at 277.10.

Other major currencies also moved in the rupee's favour during the session. The euro fell to Rs310.02 after a 93.43 paisa, or 0.30%, decline, and the pound eased to Rs366.64 after shedding 20.64 paisa. The Swiss franc dropped to Rs332.78 following a 65.75 paisa, or 0.20%, retreat.

Over the current fiscal year, the rupee has risen Rs1.19, or 0.43%, against the dollar, and its calendar year gain stands at Rs3.15, or 1.14%. On the money market side, six-month KIBOR bid and offer rates each moved up one basis point, landing at 12.17% and 12.42%.