Pakistani rupee gains ground against US dollar

KARACHI: The Pakistani rupee has seen a slight improvement in its value against the US dollar in the interbank market.

The Pakistani currency recorded a slight increase of 0.01 percent at the close of the market on Monday, after which the rupee closed at 278.12 with an improvement of 3 paise, while it had closed at 278.15 in the previous trading session.

This slight improvement has come at a time when the US dollar has suffered its biggest weekly decline in the last three months globally after the release of a weak employment report in the US, which has also supported other global currencies.

Talking about the open market, the rupee saw a mixed trend. The rupee’s buying value against the US dollar decreased by 4 paise while its selling value increased by 6 paise, and it closed at 278.72 and 279.36, respectively.

On the other hand, the rupee suffered a major setback against the euro, where the rupee saw a significant decline of Rs 1.32 in the buying value and Rs 1.26 in the selling value in the open market, after which the euro closed at Rs 318.85 and Rs 322.12, respectively.

The rupee also recorded a slight decline against the UAE dirham and the Saudi riyal.