” PKR moves up to 278.04 against USD ” | GNN INFO

The Pakistani rupee continued inching up against the US dollar in the inter-bank market on Wednesday, appreciating by 0.01 percent. The State Bank of Pakistan (SBP) said that the rupee opened at 278.08 against the dollar in the interbank market and closed at 278.04, gaining four paisas. The local unit gained 60 paisas against the greenback last week. Overall, the rupee has improved by Rs10.25 during the current fiscal year 2023-24. The local unit improved by Rs0.39 in February, Rs2.36 in January and Rs3.31 in December, while it shed Rs3.69 against the US dollar in November after gaining Rs6.26 (+2.23 percent) against the greenback in the month of October. Similarly, the local unit gained traction against the greenback in the open market. The rupee was quoted at 278.50 for buying and 280 for selling, according to data provided by different exchange companies. The rupee surged against the greenback by Re1 in February, Rs2 in January and Rs3.50 in December. Finance Minister Muhammad Aurangzeb said last week that he was looking to tap Chinese investors by selling as much as $300 million in Panda Bonds for the first time this year, reported Bloomberg on Friday.