Rupee extends gains against dollar despite global turmoil
“Pakistan's rupee continued its upward run against the US dollar, closing stronger for the 115th consecutive session.”
Key points
- Pakistan's rupee continued its upward run against the US dollar, closing stronger for the 115th consecutive session.
- The currency also gained against most major peers despite ongoing global market stress.
The Pakistani rupee finished stronger against the US dollar for the 115th straight session, closing at 279.37 after gaining three paisas in interbank trade. The currency also improved against several other major units during the day.
According to the report, the rupee rose against the UAE dirham and Saudi riyal, and also posted gains versus the British pound, euro, Australian dollar, Malaysian ringgit and Chinese yuan. Its only notable decline in the quoted basket came against the Canadian dollar.
The move came even as global markets remained under stress from the continuing energy shock and wider geopolitical instability. The performance suggests that domestic exchange-rate stability has held up despite a difficult international backdrop.
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