PKR edges up marginally against US dollar in early trading

The Pakistani rupee (PKR) remained steady against the US dollar (USD) on Wednesday, gaining a modest 0.01 percent during early trading hours in the interbank market. At the start of the day, the rupee appreciated to Rs 277.83. According to the State Bank of Pakistan (SBP), the rate is only Rs 0.01 lower than the previous day’s closing rate of Rs 277.84. Globally, the US dollar showed little change against major currencies, as investors focused on US President-elect Donald Trump’s promises to impose higher tariffs on countries such as Canada, Mexico and China. The promises, made on Monday, led to some uncertainty in the market. Traders were also awaiting a key US inflation report later in the day. On the global front, the US dollar was slightly lower against the Canadian dollar, trading at C$1.4052, down from a peak of C$1.4178 on Tuesday.. It also remained weak against the Mexican peso after hitting its highest level since July 2022 in the previous session. Over the past few sessions, the U.S. dollar has been volatile, initially falling after Trump nominated hedge fund manager Scott Besant for the U.S. post. Treasury Secretary, but later rose again after Trump’s tariff announcements. So far in this financial year, PKR has appreciated. 50 paisa (0.18 percent) against the US dollar. In this calendar year, it has strengthened by Rs 4.02 (1.45 per cent). The Pakistani rupee was slightly weaker on Tuesday, depreciating by 8.85 paisa (0.03 percent) against the dollar to close at Rs 277.84. Rs277.75 per session. Compared to other major currencies, the PKR saw mixed movements. It rose 19.45 paisa (0.06 percent) to Rs 348.62 against the British pound.