PKR Rises for Ninth Straight Session

The Pakistani Rupee continued its upward momentum against the US Dollar for the ninth consecutive trading day, closing in green on Monday. It also gained ground against the British Pound in interbank trade.

According to market data, the interbank exchange rate improved to 282 per dollar during the session and held firm until market close. In the open market, exchange rates varied slightly, with many currency counters quoting between 283 and 285. A few sellers in Islamabad reportedly offered the dollar at Rs. 285.

Meanwhile, the British Pound was seen trading at higher levels in the open market, reaching between 377 and 382 against the Rupee. The Exchange Companies Association of Pakistan (ECAP) reported a buying rate of Rs. 380, with some exchange outlets in major cities selling the pound at Rs. 382.

The Rupee strengthened by 0.07 percent against the US Dollar, gaining six paisas to settle at 282.65 by the end of the trading day.

Despite the dollar gains, the Rupee ended the day weaker against most other major global currencies. It posted a one paisa increase against both the UAE Dirham and the Saudi Riyal.

However, the Rupee lost Rs. 1.29 against the Canadian Dollar and Rs. 1.17 against the Australian Dollar. It also fell sharply by Rs. 4.05 against the Euro and Rs. 2.53 against the British Pound in interbank trading.

On a fiscal year-to-date basis, the local currency has depreciated by 1.30 percent against the US Dollar.