The Pakistani rupee demonstrated its 11th consecutive gain against the US dollar, strengthening by 0.06% in the inter-bank market on Wednesday. This sustained appreciation reflects positive market dynamics and economic factors contributing to the currency’s ongoing upward trend.
According to the State Bank of Pakistan (SBP), the Pakistani rupee concluded at 282.20 against the US dollar, marking a rise of Rs0.17. This adjustment signifies a marginal strengthening of the rupee, as reflected in the exchange rate determined by the central bank’s monitoring and evaluation.
On Tuesday, the Pakistani rupee experienced a slight improvement, closing at 282.37 against the US dollar.
The US dollar faced international pressure on Wednesday, as the euro approached a four-month high. Market sentiment was influenced by expectations of an imminent interest rate cut by the Federal Reserve. Limited movements were observed due to thin year-end flows, contributing to a cautious trading environment in the global currency market.
