USD exchange rate: Rupee rises against Dollar
The US can print its currency to cover its external account, but this practice can only continue as long as countries like China, Japan, and Saudi Arabia are willing to buy US debt and hold dollars as a reserve currency. photo: file
The Pakistani Rupee (PKR) appreciated by 7.65 paisa, or 0.03%, against the US dollar on Monday, closing at PKR 277.97 per USD.
This was a slight improvement from the previous day’s closing of 278.05. During the trading session, the rupee reached an intraday high of 278.00 and a low of 277.90.
In the open market, exchange companies quoted the dollar at 277.3 for buying and 279 for selling.
The rupee also made gains against several major currencies. It rose by 2 rupees, or 0.68%, against the Euro, closing at 292.00 from 294.00.
Against the British Pound, PKR increased by 79.22 paisa, or 0.22%, to 352.71, compared to 353.50 the previous day.
In the current fiscal year, the rupee has appreciated by 36.77 paisa, or 0.13%, against the US dollar, and by 3.89 rupees, or 1.40%, in the calendar year.
Meanwhile, the benchmark 6-month Karachi Interbank Bid and Offer rates fell by 8 basis points, reaching 12.34% and 12.59%, respectively.
The currency exchange market saw a shift in rates today, with notable variations across major currencies. The US Dollar (USD) is being sold at Rs278.45 for selling and bought at Rs277.95 for.
Similarly, the Euro (EUR) saw selling at Rs293.10 and buying at Rs292.57
Meanwhile the British Pound (GBP) is being sold at Rs353.41 and bought at Rs352.78.
The Canadian Dollar (CAD) is available at Rs198.43 for selling and Rs198.07 for buying, with the Australian Dollar (AUD) priced at Rs180.97 for selling and Rs180.65 for buying.
Other key currencies also experienced slight variations. The Swiss Franc (CHF) was traded at Rs314.81 for TT selling and Rs314.24 for buying.
The U.A.E Dirham (AED) and Saudi Riyal (SAR) saw minimal fluctuations, with the AED priced at Rs75.81 for selling and Rs75.68 for buying, while the SAR stood at Rs74.12 for selling and Rs73.99 for buying.
The Qatari Riyal (QAR) was offered at Rs76.37 for selling and Rs76.23 for buying.
The Kuwaiti Dinar (KWD) remained the highest valued, with TT selling at Rs907.74 and TT buying at Rs906.12.
On the other hand, The Pakistan Stock Exchange (PSX) saw a remarkable surge on the first day of the business week, as the KSE-100 index soared past the 102,000-point mark, reaching an all-time high.
The market opened with an impressive gain of 835 points, pushing the KSE-100 index to 102,192 points.
The momentum continued throughout the day, with the index rising by an additional 1,081 points, peaking at 102,438 points.