PKR gains 2 paisa to close at Rs281.11 against US dollar

The Pakistani rupee sustained its upward trend against the US dollar for the seventh consecutive session, exhibiting a slight 0.01 per cent appreciation in the interbank market on Thursday. 

According to the State Bank of Pakistan (SBP), the Pakistani rupee concluded at Rs281.11, marking an increase of Rs0.02. 

In the preceding session, the rupee recorded a marginal gain, settling at Rs281.13 against the US dollar.

Comparatively, the PKR experienced a decline of Rs1.47 against the Euro, closing at Rs308.63 compared to the previous value of Rs307.16. 

The British Pound strengthened by Rs1.79, concluding at Rs358.77 in contrast to the previous day’s Rs356.98. 

The Swiss franc witnessed an increase of 63.72 paisa, closing at Rs330.49 versus Rs329.85 from the prior session.

Against the Japanese yen, the PKR gained 0.63 paisa, concluding at Rs1.9333 compared to Rs1.9396 a day ago. 

On a global scale, the US dollar remained stable as traders awaited US inflation data to assess the validity of rate-cut predictions. 

The dollar, which had experienced a decline in the latter months of 2023 following signals from the Federal Reserve indicating an end to rate hikes, has since stabilised in early 2024 as traders factored in substantial cuts.