PKR firms up against USD, KIBOR falls 1bps

Mettis Global reported that the rupee edged higher in Thursday’s interbank trading, with the US dollar changing hands at Rs276.85, against Rs276.87 in the prior session. In currency-company transactions outside the interbank market, the dollar’s purchase rate was Rs277.20 and its sale rate was Rs280.00. The rupee lost ground against the euro, pound, Swiss franc, yen and yuan, but strengthened versus the Saudi riyal and UAE dirham.

The rupee has risen Rs1.31, or 0.47%, against the dollar since the start of the fiscal year, and Rs3.27, or 1.18%, since the calendar year began. Separately, six-month KIBOR bid and offer rates each moved down one basis point, to 12.18% and 12.43%, respectively. These currency and interbank-rate updates provide market participants with current reference points for foreign-exchange and borrowing conditions.