Pakistani rupee gains 6 paisa against US dollar, closes at Rs279.79

The Pakistani rupee (PKR) continued its upward trend against the US dollar (USD) for the fifth consecutive session, appreciating by 0.02 per cent in the interbank market on Tuesday.

Closing at Rs279.79, the local unit gained Re0.06 against the greenback.

This follows Monday’s positive performance, where the rupee settled at 279.85 against the US dollar.

A notable development on the economic front is the government’s active pursuit of a government-to-government (G2G) agreement with Saudi Arabia and the United Arab Emirates (UAE) for upfront foreign currency repatriation against future workers’ remittances. 

Both Saudi Arabia and the UAE hold significant importance as countries contributing to foreign exchange through remittances from Pakistani workers. 

Meanwhile, on the global stage, the US dollar experienced a slight easing, resulting in a 0.07 per cent increase in sterling, reaching $1.2720.

Compared to major currencies, the Pakistani currency depreciated by 18.84 paisa against the Euro, closing at Rs305.03, as opposed to the previous value of Rs304.84.

The British Pound strengthened, increasing by 1.02 rupees and closing at Rs356.34, compared to Rs355.33 from the previous day.

The Swiss Franc exhibited gains of 54.58 paisa, concluding at Rs322.62, in contrast to the previous session’s value of Rs322.08.

Against the Japanese Yen, PKR experienced a decrease of 0.98 paisa, closing at Rs1.8993 compared to Rs1.8895 a day ago.

Conversely, the Chinese Yuan appreciated by 13.91 paisa, closing at Rs39.03 against the previous session’s Rs38.89.