US dollar rate in Pakistan down by Re0.11 to Rs278.63 on March 18

KARACHI: The US dollar rate in Pakistan weakened by Re0.11 to Rs278.63 against the Pakistani rupee in the interbank market on Monday (March 18).

In the open market, the PKR gained 7.00 paisa for buying and remained unchanged for selling against USD, closing at 278.60 and 281.20, respectively.

Against Euro, the PKR gained 2.00 paisa for buying and 7.00 paisa for selling, closing at 301.67 and 304.49, respectively.

Against UAE Dirham, the PKR gained 9.00 paisa for both buying and selling, closing at 75.65 and 76.38, respectively.

Against Saudi Riyal, the PKR gained 12.00 paisa for buying and 10.00 paisa for selling, closing at 73.90 and 74.58, respectively.

Internationally, the US dollar was steady on Monday as traders looked ahead to a week dominated by central bank meetings worldwide, with the Bank of Japan seemingly on the brink of ending negative rates and the focus on how many rate cuts the Federal Reserve projects.

The dollar index, which measures the US currency against six rivals including the euro and yen, was at 103.48, having risen to 103.50, its highest since March 6 ahead of the Fed’s meeting this week.