The Pakistani rupee started the week on a firmer note, posting a modest gain against the US dollar in early interbank trading on Monday. In the opening minutes, the local unit rose by 0.09 percent, hovering around 280.00, up by Re0.25 from the previous close.
The early strength follows a quiet but slightly positive performance last week, when the rupee managed a marginal gain of Re0.06, or 0.02 percent, in the interbank market. Data from the State Bank of Pakistan showed the currency closing the week at 280.25, compared with 280.31 a week earlier.
Market dealers said trading volumes remained thin, with participants largely waiting for clearer signals from global markets and upcoming economic cues at home. The rupee has shown relative stability in recent sessions, supported by controlled demand and steady dollar inflows.
On a broader basis, the local currency has gained Rs3.51, or 1.25 percent, against the dollar so far in the current fiscal year. However, it remains down Rs1.70, or 0.61 percent, in the calendar year to date.
Global cues mixed
Internationally, currency markets were driven by weakness in the Japanese yen, which stayed under pressure after cautious comments from the Bank of Japan governor following last week’s rate hike. The yen slipped close to multi-month lows against major currencies, while the US dollar eased slightly but stayed near recent highs.
The euro was little changed against the dollar, while the Australian dollar saw mild movement, reflecting a generally cautious mood across markets.
Back home, the rupee had closed almost flat in the previous session on Friday, settling at 280.25 after moving within a narrow intraday range. In the open market, exchange companies quoted the dollar at around 280.40 for buying and 281.35 for selling.
Against other major currencies, the rupee showed mixed movement, gaining against the euro and Japanese yen, while slipping slightly versus the British pound. Movements against the Chinese yuan, Saudi riyal and UAE dirham remained largely unchanged, pointing to a steady start to the week for the local unit.
