The Pakistani rupee extended its winning streak against the US dollar for a ninth consecutive day. Opening trade in the interbank market at 278, the rupee remained stable throughout the session, closing slightly higher at 277.93. This translates to a marginal appreciation of 0.004% or a gain of one paisa.
Year-to-date, the rupee has witnessed a 2.83% increase against the dollar. However, it remains significantly weaker compared to January 2023 (down Rs. 51.69) and April 2022 (down Rs. 95.69).
In today’s interbank trading, the rupee held its ground against the UAE Dirham and Saudi Riyal. It even gained 12 paisas against the British Pound. However, the rupee depreciated against other major currencies, losing value against the Euro (19 paisas), Canadian Dollar (29 paisas), and Australian Dollar (45 paisas).