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Present Continuous is also used when we talk about something which is happening at present, but not necessarily at the moment of speaking:

Examples: 1. I'm reading an interesting book.
2. Tom is looking for a new job.

http://www.studyenglishtoday.net/present-continuous-tense.html
I am a bit confused about this particular use of the present progressive . How it's different from the present perfect if we use in both examples:
Have been reading an interesting....
has been looking for a new job
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Examples: 1. I'm reading an interesting book. This sounds like you haven't finished reading it yet.

Have been reading an interesting book. This sounds a bit more like you may have finished reading it.
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JigneshbharatiI am a bit confused about this particular use of the present progressive. How it's different from the present perfect ...

The time period is a bit different.

Suppose X is the moment of speaking.

..................................... X .......................................
........................... [ - - - - - - ] ............................. pres. prog.
..... [ - - - - - - - - - - ] ....................................... pres. perf. prog.

CJ

Teachers: We supply a list of EFL job vacancies
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Sorry, CJ, do you mind explaining it in words?

Students: We have free audio pronunciation exercises.

Time flows from left to right. Does that help?

The present progressive time period is a little before and a little after the time you say the sentence.
The present perfect progressive time period starts in the past and ends at about the same time as you say the sentence.

CJ

Got it