KARACHI: The rupee opened the week on a stronger note on Monday in line with other Asian currencies, as plans by US President Joe Biden and his Russian counterpart Vladimir Putin to hold a summit on the Ukraine crisis boosted risk appetite.

The rupee gained 11 paise, or 0.6 per cent, against the US dollar in the interbank market to close at 175.75 on Monday compared to 175.86 on Friday, according to the State Bank of Pakistan.

The local currency has been on a roller-coaster ride this month, starting at 176.43 on Feb 1 and then jumping to its highest level at 174.47 on Feb 7.

However, it weakened 0.66pc against the dollar during the previous week amid looming military crisis on the border of Russia and Ukraine, with the United States escalating its dire warnings about a possible Russian invasion of its neighbour, saying it could take place within days.

In the open market, the rupee lost 30 paise against the dollar for both buying and selling, closing at 176.80 and 177.80, respectively.

Against the UAE dirham, the local currency closed at 48.55 for buying and 49 for selling, rising seven and 10 paise, respectively.

Against the Saudi riyal, the rupee gained five paise for both buying and selling to close at 46.55 and 47, respectively.

It remained unchanged against the euro, pound sterling and the Japanese yen.

Asian currencies firmed on Monday, led by the South Korean won and the Indian rupee.

The Indian rupee rose 0.3pc to its highest since Jan 24, while the Thai baht rose about 0.2pc to hover near a five-month high on the back of a higher-than-expected economic growth during the fourth quarter.

The South Korean won climbed about 0.3pc after data showed the Asian trade bellwether’s exports surged during the first 20 days of this month, driven by higher outdoor shipments of semiconductors and petroleum products.

The Philippines peso and the Singaporean dollar edged higher by nearly 0.1pc each, while the Malaysian ringgit rose marginally.

The office of French President Emmanuel Macron said he had pitched to both Mr Biden and Mr Putin a summit over “security and strategic stability in Europe.”

The White House said Biden had accepted the meeting “in principle” but only “if an invasion hasn’t happened.”

Published in Dawn, February 22nd, 2022