Rupee Posts Marginal Gain Against US Dollar, Strengthens Against Major Currencies

The Pakistani rupee registered a slight gain against the US dollar in the inter-bank market on Wednesday. At close, the local currency settled at Rs. 281.05, up by Rs. 0.01 against the US dollar, according to the State Bank of Pakistan (SBP). The rupee had closed at Rs. 281.06 on Tuesday. In the open market, exchange companies quoted the dollar at Rs. 281.30 for buying and Rs. 282.15 for selling. The rupee also strengthened against major global currencies. Against the Euro, the PKR appreciated by 91 paisa or 0.28 percent, closing at Rs. 325.91 compared to the previous value of Rs. 326.82. Against the British Pound, the rupee increased by Rs. 1.95 or 0.52 percent to close at Rs. 374.46, up from Rs. 376.41 a day earlier. The local unit gained Rs. 1.75 or 0.49 percent against the Swiss franc, closing at Rs. 352.86. Against the Japanese Yen, the rupee appreciated by 0.88 paisa or 0.47 percent to close at Rs. 1.8509 versus Rs. 1.8597 previously. The PKR also appreciated by 4.06 paisa or 0.10 percent against the Chinese Yuan, closing at Rs. 39.45 from Rs. 39.49. The local currency increased by 0.25 paisa or 0.00 percent against the Saudi Riyal to close at Rs. 74.94, and by 0.25 paisa or 0.00 percent against the UAE Dirham to close at Rs. 76.52. During the current fiscal year, the rupee has gained Rs. 2.71 or 0.96 percent against the US dollar. However, it has declined by Rs. 2.50 or 0.89 percent so far this calendar year.