The Pakistani rupee (PKR) strengthened against the US dollar (USD) on Monday, moving below the 277 mark in the interbank market for the first time since October 2023.
The local currency closed at Rs276.97, gaining 3.04 paisa from Friday’s closing rate of Rs277.00, according to exchange market data.
The latest closing rate puts the rupee at its strongest level against the dollar since October 16, 2023, when it settled at Rs276.8346.
During Monday’s trading, the dollar recorded an intraday bid high of Rs277.05 and an ask rate of Rs277.10. In the open market, exchange companies quoted the dollar at Rs277.20 for buying and Rs280 for selling.
The rupee also gained against several other major currencies, extending its positive performance beyond the dollar.
Against the euro, the local currency appreciated by 93.43 paisa, or 0.30 percent, to close at Rs310.02, compared with Rs310.95 in the previous session.
The rupee strengthened by 20.64 paisa against the British pound, closing at Rs366.64 from Rs366.85 a day earlier. It also gained 65.75 paisa against the Swiss franc to settle at Rs332.78.
Against the Japanese yen, the rupee rose by 0.20 paisa to Rs1.7481, while its value against the Chinese yuan improved by 0.74 paisa to Rs41.38.
The local currency also advanced against Gulf currencies. It gained 3.56 paisa against the Saudi riyal to close at Rs73.75 and rose by 0.83 paisa against the UAE dirham to settle at Rs75.41.
The rupee’s gains have also added up over a longer period. During the current fiscal year, it has appreciated by Rs1.19, or 0.43 percent, against the US dollar. Its cumulative gain during the calendar year has reached Rs3.15, or 1.14 percent.
Meanwhile, the benchmark six-month Karachi Interbank Bid and Offer Rates (KIBOR) edged up by one basis point each. The bid rate rose to 12.17 percent, while the offer rate reached 12.42 percent.
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