Pakistan's Rupee continues 30-day winning streak against US DollarBreaking

October 13, 2023

Pakistan Rupee has continued its winning streak against the US Dollar in interbank trading and reached R277.78 with an uptick by 78 paisas on Friday. The American currency has been continuously losing ground against the local unit and it has now been the 30th straight day. The USD into PKR interbank rates reached Rs277.78 on Friday. The KSE-100 index continued its positive trend on the 10th consecutive day and reached 48953 with an increase of 180 points. The US dollar saw another dip against the Pakistani rupee as it started Thursday's trading session in the interbank market.

The day opened with the American currency further shedding 91 paisas in the interbank market to settle at Rs278.60. In the open market also, the dollar lost Re1 to settle at Rs278. The greenback saw this dip in value in exchange for the Pakistani rupee, following the weeks-long trend of the currency's depreciation in both the interbank and open markets. In the last five weeks, the US currency has depreciated by Rs52 in the open market and Rs28.42 in interbank trade.

On Wednesday, the mighty dollar dropped to a record low against the rupee as it fell below the Rs280 mark for the first time in three months. At the start of the trading session on Wednesday morning, the US dollar fell by 86 paisas in the interbank market and reached the value of Rs279.65. At the time of closing of the day's trading, the American currency lost Re1 and closed at Rs279.51.

 Credit: Independent News Pakistan (INP)