Pakistani Rupee Hits 6-Month High Against US Dollar

The Pakistani rupee reached a nearly six-month high in the inter-bank market on Tuesday, supported by its steady appreciation against the US dollar over recent months. The rupee edged higher against the US dollar in the inter-bank market on Tuesday, appreciating 0.01%. The local currency closed at Rs. 280.97, up by Rs. 0.04 from the previous session, according to the State Bank of Pakistan (SBP). On Monday, the rupee had settled at Rs. 281.01. In the open market, exchange companies quoted the dollar at Rs. 281.30 for buying and Rs. 282.05 for selling. Against other major currencies, the rupee posted a mixed performance. The PKR fell by Rs. 0.93, or 0.28%, against the euro, closing at Rs. 327.43 compared to Rs. 326.50 a day earlier. The local unit also weakened by Rs. 0.36, or 0.10%, against the British pound, ending at Rs. 374.47. The rupee depreciated by Rs. 1.13, or 0.32%, against the Swiss franc, closing at Rs. 353.60. Against the Japanese yen, the PKR lost Rs. 0.01, or 0.56%, to close at Rs. 1.8472. The local currency also slipped by Rs. 0.06, or 0.14%, against the Chinese yuan, ending the session at Rs. 39.57. However, the rupee managed slight gains against Gulf currencies. It strengthened by Rs. 0.01, or 0.01%, against the Saudi riyal to close at Rs. 74.92, and gained Rs. 0.01, or 0.01%, against the UAE dirham, settling at Rs. 76.50. So far in the current fiscal year, the rupee has appreciated by Rs. 2.79, or 0.99%, against the US dollar. However, it has declined by Rs. 2.42, or 0.86%, since the start of the calendar year.