Pakistani rupee sheds over eight paisa against US dollar

The Pakistani rupee (PKR), continuing the trend of minor fluctuations against the US dollar (USD), dropped more than eight paisa on the second trading day of the week.

The latest exchange rate shared by the State Bank of Pakistan (SBP) showed the Pakistani currency down by about 0.03 per cent, or more than eight paisa, on Tuesday, as the local unit settled the trade at Rs277.74 against the greenback.

This is slightly lower than Monday’s closing rate of Rs277.66 per USD. The highest value of the US dollar was quoted at Rs277.85, while the lowest rate was reported at Rs277.75.

Money exchangers bought the USD for Rs277.86 and sold it for Rs279.35.

In terms of other foreign currencies, PKR’s performance, as expected, was not that impressive as the home unit remained largely stable.

PKR’s performance versus other foreign currencies

Against the British pound, the rupee dropped by 42.61 paisa or 0.12 per cent, closing at PKR 363.22 compared to PKR 362.79 on Monday.

The PKR gained 42.46 paisa or 0.14 per cent against the euro, closing at PKR 303.04 from the previous rate of PKR 303.47.

Against the Swiss franc, the rupee strengthened by 67.43 paisa or 0.21 per cent, closing at PKR 322.45.

The PKR appreciated by 17.73 paisa or 0.45 per cent against the Chinese yuan, ending at PKR 39.04 from PKR 39.22.

However, the local currency fell by 0.43 paisa or 0.23 per cent against the Japanese yen, closing at PKR 1.8632 from the previous close of PKR 1.8589.

Lastly, the rupee declined by 2.32 paisa or 0.03 per cent against the UAE dirham, closing at PKR 75.62.