The Pakistani rupee (PKR) got stronger by 8.05 paisa, or 0.03 per cent, against the US dollar (USD) on Tuesday. The local unit finished the day at PKR 278.62 per USD, a little better than Monday’s closing rate of 278.7.
During the day, the highest rate for the rupee was 278.80, and the lowest was 278.65. In the open market, exchange companies were selling the dollar at 281.03 and buying it for 279.46.
Recently, the rupee has mostly stayed between 277 and 279 against the US dollar. Traders are paying attention to good news, including the International Monetary Fund (IMF) approving a new $7-billion Extended Fund Facility (EFF).
Worldwide, the US dollar stayed steady on Tuesday. The Japanese yen moved slightly down from a one-month high as investors waited for US inflation data and reconsidered the chances of a big interest rate cut by the Federal Reserve next week.
Comparing the rupee with other major currencies:
| Currency | Monday’s rate | Tuesday’s rate | Value change |
| Swiss Franc (CHF) | 329.37 | 328.23 | 1.14 PKR |
| British Pound (GBP) | 365.22 | 364.75 | 46.77 Paisa |
| Saudi Riyal (SAR) | 74.26 | 74.27 | 1.22 Paisa |
| UAE Dirham (AED) | 75.86 | 75.88 | 2.19 Paisa |
| Japanese Yen (JPY) | 1.9475 | 1.9395 | 0.8 Paisa |
| Euro (EUR) | 308.21 | 307.51 | 70.2 Paisa |
| Chinese Yuan (CNY) | 39.19 | 39.13 | 5.95 Paisa |
The Swiss franc dropped by 1.14 rupees, closing at 328.23, down from 329.37 the day before.
The British pound got cheaper by 46.77 paisa, ending at 364.75 compared to 365.22 the previous day.
The Saudi riyal closed at 74.27, gaining 1.22 paisa from 74.26.
The UAE dirham became slightly more expensive, increasing by 2.19 paisa to close at 75.88 from 75.86.
Against the Japanese yen, the PKR gained 0.8 paisa, closing at 1.9395 versus 1.9475 the day before.
The PKR improved by 70.2 paisa against the euro, finishing at 307.51, compared to 308.21 previously.
The Chinese yuan lost 5.95 paisa, closing at 39.13 compared to 39.19.
Since the start of this financial year, the rupee has weakened by 27.83 paisa, or 0.1 per cent, against the dollar. However, it has strengthened by 3.24 rupees, or 1.16 per cent, so far this calendar year.
