Rupee Edges Higher Against Dollar, Weakens Against Euro and Swiss Franc

Pakistani rupee recorded a slight gain against the US dollar in the inter-bank market on Friday, closing at Rs. 281.10, up by Rs. 0.01 from the previous session. According to the State Bank of Pakistan (SBP), the local currency had settled at Rs. 281.11 on Thursday. In the open market, exchange companies quoted the dollar at Rs. 281.15 for buying and Rs. 282.15 for selling. Against other major currencies, the rupee showed mixed performance. The PKR depreciated by Rs. 1.46 or 0.45% against the Euro, closing at Rs. 329.10 compared to Rs. 327.64 a day earlier. Against the British Pound, the rupee appreciated by 28.33 paisa or 0.08% to Rs. 377.36 from Rs. 377.65. The local unit fell by Rs. 3.29 or 0.93% against the Swiss franc, ending the session at Rs. 356.05. Against the Japanese Yen, the rupee’s value dropped by 1.81 paisa or 0.97% to close at Rs. 1.8781 versus Rs. 1.8600 previously. The rupee appreciated by 0.75 paisa or 0.02% against the Chinese Yuan, closing at Rs. 39.45. It also gained 0.32 paisa or 0.00% against the Saudi Riyal to settle at Rs. 74.95, and strengthened by 0.22 paisa or 0.00% against the U.A.E. Dirham to close at Rs. 76.53. So far in the current fiscal year, the rupee has appreciated by Rs. 2.66 or 0.95% against the US dollar, while it has weakened by Rs. 2.55 or 0.91% since the start of the calendar year.