Intraday trade: PKR almost unchanged against USD

KARACHI: The Pakistani rupee (PKR) remained relatively stable against the US dollar (USD) in the inter-bank market during early trading hours on Tuesday. Before 10:00 AM, the PKR stood at Rs280.27, showing a slight drop of one paisa against the greenback.

Internationally, the US dollar reached a three-week high against the Japanese yen, buoyed by strong US services data and cautious optimism surrounding trade tariffs.

On Monday, the PKR weakened by 10.90 paisa or 0.04 per cent in the interbank market, closing at Rs280.37 per USD, versus Rs280.26 per USD in the last session.

This continues a downward trend, with the PKR having lost 1.02 per cent since its high of Rs277.52 per USD on October 4, 2024.

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In the open market, exchange companies quoted the dollar at Rs280.00 for buying and Rs282.10 for selling on March 24.

Against other major currencies, the PKR showed mixed performance on the previous trading day:

Against the Japanese yen, the PKR strengthened by 0.39 paisa (0.21 per cent), closing at Rs1.8735 from Rs1.8774.

Against the British pound, the PKR depreciated by 56.17 paisa (0.15 per cent), settling at Rs363.18 compared to Rs362.62.

The PKR also weakened by 55.53 paisa (0.18 per cent) against the Swiss franc, closing at Rs317.83.

Against the Euro, the PKR lost 34.25 paisa (0.11 per cent), ending the session at Rs304.02 compared to Rs303.68 previously.