Rupee Shows Mixed Trend Against Major Currencies, Slightly Up vs US Dollar

Pakistani rupee registered a slight gain against the US dollar in the inter-bank market on Monday, closing marginally higher after a stable week. At the close of trading, the local currency settled at Rs. 281.01, appreciating by Rs. 0.01 against the US dollar, according to data released by the State Bank of Pakistan (SBP). During the previous week, the rupee had gained Rs. 0.08 or 0.03 percent in the inter-bank market, closing at Rs. 281.02 compared to Rs. 281.10 a week earlier. In the open market, exchange companies quoted the dollar at Rs. 281.10 for buying and Rs. 282.05 for selling. Against major currencies, the rupee showed mixed performance. It weakened by 7.72 paisa or 0.02 percent against the euro, closing at Rs. 326.50 compared to Rs. 326.43 a day earlier. Against the British pound, it slipped 4.81 paisa or 0.01 percent to Rs. 374.11 from Rs. 374.06. The local unit, however, gained 71.64 paisa or 0.20 percent against the Swiss franc to close at Rs. 352.47. It also strengthened slightly by 0.13 paisa or 0.07 percent against the Japanese yen, settling at Rs. 1.8370 compared to Rs. 1.8383 previously. Meanwhile, the rupee depreciated 6.02 paisa or 0.15 percent against the Chinese yuan, closing at Rs. 39.51 from Rs. 39.45. It edged down by 0.03 paisa or 0.00 percent against the Saudi riyal to Rs. 74.93, while gaining 0.16 paisa or 0.00 percent against the UAE dirham to close at Rs. 76.51. So far in the current fiscal year, the Pakistani rupee has appreciated by Rs. 2.76 or 0.98 percent against the US dollar, though it remains weaker by Rs. 2.46 or 0.88 percent in the ongoing calendar year.