Rupee Gains for 32nd Straight Session Against US Dollar

The Pakistani rupee maintained its upward momentum against the US dollar on Monday, closing slightly stronger in the inter-bank market. At the day’s close, the rupee settled at Rs. 281.45, registering a gain of Rs. 0.01 against the greenback. This marked the rupee’s 32nd consecutive session of gains. During the previous week, the local unit had also recorded a modest advance, appreciating by Rs. 0.09 or 0.03% in the inter-bank market. It ended the week at Rs. 281.46 compared with Rs. 281.55 in the prior week, according to data from the State Bank of Pakistan (SBP). In the open market, the dollar was quoted at Rs. 282.35 for buying and Rs. 282.50 for selling, the Forex Association of Pakistan (FAP) reported. Other major currencies showed mixed trends. The euro declined by 20 paisa to close at Rs. 330.71 compared with Rs. 330.91 previously. The Japanese yen remained unchanged at Rs. 1.90, while the British pound slipped by 13 paisa to Rs. 379.43 from Rs. 379.56. The exchange rates of the UAE dirham and Saudi riyal also stayed flat, ending at Rs. 76.62 and Rs. 75.04, respectively.