Rupee edges up one paisa against the dollar in interbank trading

The rupee appreciated by 01 paisa against the US dollar in interbank trading on Friday, closing at Rs 277.16 compared with the previous day's closing of Rs277.17.

In the open market, the buying and selling rates of the dollar were recorded at Rs 277.95 and Rs 278.20 respectively, according to the Forex Association of Pakistan (FAP).

The State Bank of Pakistan (SBP) reported that the price of the euro against the rupee increased by Rs 0.09 and closed at Rs 315.74, against the previous day's closing of Rs 315.65. The Japanese yen remained unchanged at Rs 1.75, while the exchange rate of the British pound decreased by Rs 0.14 and closed at Rs 366.90 compared to the previous day's Rs 367.04. The exchange rate of the Emirate decreased by 01 paisa and closed at Rs75.45, while the Saudi riyal remained stagnant at Rs 73.81.

The reported figures give no indication of what drove the move. The State Bank of Pakistan publishes the official rates used for the currency comparisons above, while the Forex Association of Pakistan tracks open-market dealing, where rates typically sit above the interbank level.