Rupee Barely Manages to Drag on 24-Day Winning Streak Against US Dollar

The Pakistani rupee continued its positive momentum against the US dollar, appreciating marginally in the inter-bank market on Wednesday. At the close of trading, the rupee settled at Rs. 281.60, marking a gain of Rs. 0.01 against the greenback. This was the rupee’s 24th consecutive gain against the US dollar, reflecting a sustained recovery. On Tuesday, the local currency had closed at Rs. 281.61. In the open market, the buying and selling rates of the dollar stood at Rs. 282.5 and Rs. 282.8, respectively, according to the Forex Association of Pakistan (FAP). The euro saw a notable decline, dropping by Rs. 1.43 to close at Rs. 329.47, compared to the previous day’s rate of Rs. 330.90, as per data from the State Bank of Pakistan (SBP). The Japanese yen also depreciated slightly, losing 01 paisa to close at Rs. 1.90. Meanwhile, the British pound fell by 96 paisa, trading at Rs. 381.02 compared to Tuesday’s closing rate of Rs. 381.98. The exchange rates for the Emirates Dirham and the Saudi Riyal remained stable, closing at Rs. 76.67 and Rs. 75.06, respectively.