7th consecutive gain: Pakistani rupee closes at Rs282.9 against US dollar

In a persistent surge, the Pakistani rupee (PKR) continued its upward trend against the US dollar (USD) for the seventh consecutive session, appreciating by 0.04 per cent in the inter-bank market on Wednesday.

According to the State Bank of Pakistan (SBP), the PKR concluded at Rs282.9, marking an increase of Rs0.11.

Interbank closing #ExchangeRate for today https://t.co/ZH5R1YDIsi#SBPExchangeRate pic.twitter.com/GHP8BYZ4oP

— SBP (@StateBank_Pak) December 20, 2023

In the open market scenario, the PKR experienced a decline of 25 paisa for both buying and selling against the USD, settling at Rs281.50 and Rs284.50, respectively.

Conversely, against the Euro, the PKR maintained stability for both buying and selling, closing at Rs307.00 and Rs310.00, respectively.

Against the UAE dirham, the PKR held steady for both buying and selling, concluding at Rs77.30 and Rs78.00, respectively.

In comparison, against the Saudi Riyal, the PKR saw a gain of 10 paisa for both buying and selling, closing at Rs75.20 and Rs75.90, respectively.

This positive trend follows Tuesday’s marginal gain, where the rupee settled at Rs283.01 against the US dollar.

The dollar index, which experienced a slight dip on Tuesday, maintaining a mostly flat position at 102.20, had previously reached a four-month low of 101.76 last week.

In the backdrop of global trade concerns and heightened geopolitical tensions in the Middle East, with Yemen’s Iran-aligned Houthi forces conducting attacks on ships in the Red Sea, oil prices surged past $80 a barrel on Wednesday.

Brent crude futures observed an 89-cent increase, or 1.1 per cent, reaching $80.12 a barrel by 1101 GMT, while US West Texas Intermediate crude climbed 93 cents, or 1.3 per cent, to $74.87 a barrel.