Pakistani Rupee Continues Its Rally Against the US Dollar for the 18th Consecutive Day

In a remarkable streak, the Pakistani rupee (PKR) continued its ascent against the US Dollar for the 18th consecutive day, displaying a strong performance in the financial markets. The day began with the PKR opening trade at 290 in the interbank market, and it steadily gained ground throughout the trading day.

By 11:30 AM, the rupee had surged to a bullish high of 282 against the greenback, marking an impressive gain of approximately Rs. 8. Subsequently, the interbank rate saw a slight dip to 288 between 1:30 PM and 2:30 PM before stabilizing around 286 for the rest of the day.

Over the past 15 sessions, the PKR has gained a substantial Rs. 20.3 against the US Dollar, reflecting a strengthening trend. The open market rates also followed suit, remaining in the range of 282-288, making a remarkable recovery of about Rs. 52 since September 4.

Closing the day, the PKR appreciated by 0.34 percent, settling at 286.76 after gaining 98 paisas against the US Dollar. Traders attribute this persistent rally to positive market sentiments in the first two weeks of October.

The gap between interbank and open market rates has significantly narrowed, now standing at roughly Rs. 52 since last month. However, it’s worth noting that the rupee has experienced a decline of nearly Rs. 67 since January 2023 and over Rs. 114 since April 2022 against the greenback.

Furthermore, the PKR showed strength against other major currencies, gaining against the Saudi Riyal, UAE Dirham, British Pound, and Canadian Dollar in the interbank market. This ongoing rally suggests a positive outlook for the Pakistani rupee in the financial landscape.

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