Pakistani rupee declines against US dollar, closes at Rs279.88

WEB DESK: In Wednesday’s trading session, the Pakistani rupee (PKR) experienced a marginal depreciation of 0.15 per cent against the US dollar (USD) in the interbank market, as reported by the State Bank of Pakistan (SBP).

The local currency settled at Rs279.88, indicating a decrease of Re0.45 against the US dollar. Simultaneously, in the open market, the PKR was trading at Rs281.50 against the greenback.

Interbank closing #ExchangeRate for todayhttps://t.co/s2qZyEjvOR#SBPExchangeRate pic.twitter.com/3jpzAeaRC5

— SBP (@StateBank_Pak) October 25, 2023

This slight depreciation is notable considering the Pakistani rupee’s impressive performance in recent times.

It had maintained a remarkable 28-session streak of positive growth, making it one of the longest appreciations recorded recently.

Read more: Pakistan Stock Exchange closes with 0.29% gain at 51,177 points

Since its record low of Rs307.1 against the USD on September 5, the rupee has cumulatively strengthened by 10.93 per cent.

However, this minor setback against the US dollar suggests a nuanced fluctuation in the currency market.