Pakistani Rupee Inches Up Against US Dollar, Gains Ground Against Major Currencies

The Pakistani rupee posted a marginal gain against the US dollar in the inter-bank market on Friday, closing at Rs. 280.91, up by Rs. 0.01 from the previous day’s close of Rs. 280.92. In the open market, exchange companies quoted the dollar at Rs. 281.00 for buying and Rs. 281.95 for selling. The rupee also strengthened against several major currencies. Against the Euro, the local unit rose by Rs. 1.43, or 0.44%, closing at Rs. 324.76 compared to Rs. 326.19 a day earlier. The rupee appreciated by Rs. 1.45, or 0.39%, against the British Pound, settling at Rs. 369.17 versus Rs. 370.62 previously. The currency gained Rs. 1.48, or 0.42%, against the Swiss Franc, closing at Rs. 349.94. Against the Japanese Yen, the rupee improved by 0.54 paisa, or 0.30%, to close at Rs. 1.8209 compared to Rs. 1.8263. The rupee also strengthened by 3.35 paisa, or 0.08%, against the Chinese Yuan, ending at Rs. 39.48 from Rs. 39.52. It edged up by 0.11 paisa, or 0.00%, against both the Saudi Riyal and the UAE Dirham, closing at Rs. 74.91 and Rs. 76.48, respectively. So far in the current fiscal year, the rupee has appreciated by Rs. 2.85, or 1.02%, against the US dollar. However, it has declined by Rs. 2.36, or 0.84%, since the start of the calendar year.