PKR holds ground against USD, KIBOR climbs

Mettis Global reported that the rupee firmed slightly on Tuesday, closing the interbank session at Rs276.96 per dollar, up 1.18 paisa from the prior close of Rs276.97. The currency ranged from a bid of 277.05 at its peak to an ask of 276.95 at its lowest. Exchange firms in the open market priced the greenback at Rs277.50 on the buy side and Rs280.25 on the sell side.

Against other major currencies, the rupee moved in both directions. It firmed 6.87 paisa against the euro, a 0.02% move, with the euro ending at Rs309.95. However, it weakened 5.35 paisa against the British pound, which settled at Rs366.70. The rupee gained 19.40 paisa against the Swiss franc to end at Rs332.59, while it lost 0.42 paisa, or 0.24%, to the Japanese yen, which settled at Rs1.7523.

So far in the current fiscal year, the rupee has firmed Rs1.20, or 0.43%, against the dollar, while calendar-year gains reached Rs3.16, or 1.14%. Separately, the benchmark six-month KIBOR rose 3 basis points, with bids at 12.20% and offers at 12.45%.