PKR maintains winning streak for third consecutive day, closes at Rs302.95 against US dollar

The Pakistani rupee’s (PKR) upward trajectory against the US dollar continued, marking a third consecutive session of appreciation as it settled at Rs302.95 in the inter-bank market on Friday.

By the time the market closed, the US dollar had weakened by 0.66 per cent against the local currency, resulting in a gain of Rs1.99 for the PKR, according to the State Bank of Pakistan (SBP).

Interbank closing #ExchangeRate for todayhttps://t.co/gbkgjFi1m6#SBPExchangeRate pic.twitter.com/MsHUElJGRu

— SBP (@StateBank_Pak) September 8, 2023

By the time the market closed, the US dollar had weakened by 0.66 per cent against the local currency, resulting in a gain of Rs1.99 for the PKR.

Over the course of the last three sessions, the rupee has seen a cumulative appreciation of 1.4 per cent. Notably, its increase in the open market has been even more pronounced.

On Thursday, the local currency had exhibited strength, strengthening by 0.67 per cent to reach a closing rate of Rs304.94 in the inter-bank market.

In a noteworthy development, currency dealers acknowledged the role of Chief of Army Staff (COAS) Asim Munir, highlighting that Exchange Companies had contributed $20 million to the inter-bank market in the past two days due to reduced market demand.

On the international front, the US dollar was poised for its lengthiest winning streak in nine years on Friday.

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This rally was underpinned by robust US economic data, which has also cast doubt on the Federal Reserve’s potential rate-hike cycle conclusion.

According to Business Recorder, oil prices, a pivotal indicator of currency stability, remained stable on Friday. Investors weighed concerns regarding the state of China’s economy against supply reductions by major producers such as Saudi Arabia and Russia.