The Pakistani rupee (PKR) saw a slight improvement against the US dollar (USD) in the inter-bank market on Thursday, showing a largely stable trend amid mixed global signals.
At the close of trading, the local currency settled at Rs278.55, marking a marginal gain of Re0.01 against the greenback compared with the previous day’s close of Rs278.56.
During intraday activity, the PKR traded in a narrow range, touching a high of Rs278.60 and a low of Rs278.55 on the bid and ask sides. The limited movement reflected steady demand for the local currency and a broadly calm trading session.
On Wednesday, the rupee had already shown little change, closing at Rs278.56, and Thursday’s performance continued that pattern of stability.
In the wider currency market, the US dollar remained under pressure, hovering below a six-week high. The greenback eased as expectations grew that Washington may be moving closer to a possible agreement with Tehran aimed at easing tensions in the Middle East.
The dollar also slipped against the Japanese yen, trading at 158.87 in early Thursday deals after falling in the previous session. This pushed it further away from the 160 level, which is seen by traders as a possible trigger for intervention by Japanese authorities.
Oil prices, meanwhile, moved higher after recent losses. Brent crude gained more than 1 percent, rising by $1.27 to $106.29 a barrel, while US West Texas Intermediate climbed $1.29 to $99.55. Both benchmarks had fallen sharply in the previous session, dropping over 5.6 percent to hit their lowest levels in more than a week.
That decline came after remarks by US President Donald Trump suggesting that talks with Iran were nearing completion, although he also warned of further action if no peace deal is reached.
On the domestic front, the rupee has maintained an overall recovery trend. Since the start of the current fiscal year, it has strengthened by Rs5.21, or 1.87 percent, against the US dollar. In calendar-year terms, it has gained Rs1.57, or 0.56 percent.
In the money market, benchmark six-month Karachi Interbank Bid and Offer rates inched higher by 16 basis points, settling at 12.28 percent and 12.53 percent respectively.
The rupee also showed slight gains against regional currencies. It appreciated by 0.23 paisa against the Saudi riyal to close at 74.23, and rose by 0.03 paisa against the UAE dirham, ending the day at 75.85.
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