Rupee Inches Up Against Dollar, Hits New Six-Month High

The Pakistani rupee registered a marginal improvement against the US Dollar in the inter-bank market on Wednesday. At close, the currency settled at Rs. 280.96, gaining Rs. 0.01 against the greenback. On Tuesday, the local unit had closed at Rs. 280.97, marking its highest level in nearly six months. In the open market, exchange companies quoted the US Dollar at Rs. 281.05 for buying and Rs. 282.05 for selling. Against major currencies, the rupee showed mixed performance. The PKR appreciated by Rs. 0.72, or 0.22%, against the euro, closing at Rs. 326.71 compared to Rs. 327.43 previously. Against the British pound, the rupee gained Rs. 3.29, or 0.88%, to close at Rs. 371.18, up from Rs. 374.47 a day earlier. The local unit also strengthened by Rs. 1.08, or 0.31%, against the Swiss franc, ending at Rs. 352.52. Against the Japanese yen, the PKR appreciated by Rs. 0.003, or 0.15%, to close at Rs. 1.8445 versus Rs. 1.8472 previously. However, the rupee weakened by Rs. 0.007, or 0.02%, against the Chinese yuan, closing at Rs. 39.58 from Rs. 39.57. The currency edged up by Rs. 0.004, or 0.00%, against the Saudi riyal to Rs. 74.92, and rose by Rs. 0.006, or 0.01%, against the U.A.E. dirham to close at Rs. 76.49. During the current fiscal year, the rupee has strengthened against the $ by Rs. 2.81, or 1.00%. However, it has depreciated by Rs. 2.41, or 0.86%, so far this calendar year.