Rupee Reigns Higher Against US Dollar for Record 28 Days

The Pakistani rupee continued its upward trend against the US dollar on Tuesday, recording its 28th straight gain in the inter-bank market. The local currency closed at Rs. 281.51 against the dollar, slightly stronger than Monday’s closing of Rs. 281.52, marking a marginal appreciation of Rs. 0.01. According to the Forex Association of Pakistan, the dollar was quoted in the open market at Rs. 282.35 for buying and Rs. 282.55 for selling. The State Bank of Pakistan reported that the euro rose by Rs. 1.66 to settle at Rs. 332.01, compared to Rs. 330.35 a day earlier. The Japanese yen inched up by one paisa to close at Rs. 1.91, while the British pound climbed Rs. 1.22 to finish at Rs. 383.61 against Rs. 382.39 previously. Meanwhile, the exchange rate of the UAE dirham remained unchanged at Rs. 76.64, whereas the Saudi riyal gained one paisa to close at Rs. 75.05.