The Pakistani rupee (PKR) continued its upward trend against the US Dollar (USD) for the 39th consecutive day on Wednesday. The currency also showed mixed results against other major currencies in the interbank market.
The rupee gained slightly by 0.004 percent, closing at 280.66 after rising one paisa against the US Dollar. On a fiscal year-to-date (FYTD) basis, the PKR has strengthened by 1.14 percent against the US Dollar, signaling a modest recovery.
In the broader interbank market, the rupee remained stable against the UAE Dirham (AED) and gained one paisa against the Saudi Riyal (SAR). However, it depreciated by 74 paisas against the Canadian Dollar (CAD) and 11 paisas against the Australian Dollar (AUD).
The rupee posted notable gains against European currencies, rising 36 paisas against the Euro (EUR) and 43 paisas against the British Pound (GBP). These movements suggest selective strength in the PKR while global currency fluctuations continue to influence its performance.
Market analysts say the rupee’s continued appreciation against the US Dollar reflects cautious optimism in Pakistan’s currency market. They noted that short-term gains are expected amid global economic uncertainties and domestic fiscal measures.
The strengthening of the rupee provides some relief to importers and businesses who rely on foreign currency for trade. While minor fluctuations against other major currencies are normal, the overall trend shows gradual stabilization.
Experts highlight that monitoring the PKR’s performance against the US Dollar remains important. External factors, such as international trade flows and global interest rate changes, will continue to affect the rupee’s trajectory in the coming months.
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Overall, the 39-day rise of the Pakistani rupee against the US Dollar demonstrates a positive trend for the local currency while maintaining attention to broader market conditions.
