Rupee extends winning streak to 250 sessions against dollar

The Pakistani rupee continued its steady recovery against the US dollar on Wednesday, marking its 250th consecutive session of appreciation. The currency gained 0.70 paisa in interbank trading to close at Rs277.11, compared with Rs277.12 in the previous session.

Over the past 250 trading sessions, the rupee has strengthened by Rs4.31, or 1.56%, against the US dollar. On a fiscal-year-to-date basis, it has gained Rs1.05, while its calendar-year-to-date appreciation stands at Rs3.01, or 1.09%.

In the open market, the dollar was quoted at Rs277.25 for buying and Rs278.15 for selling.

The rupee showed mixed performance against other major currencies. It weakened against the euro, British pound and Swiss franc, while it also lost ground against the Japanese yen. However, it edged higher against the Chinese yuan, Saudi riyal and UAE dirham.

The rupee closed at Rs314.64 against the euro, Rs367.83 against the British pound and Rs332.61 against the Swiss franc. It ended at Rs1.7657 against the Japanese yen, Rs41.33 against the Chinese yuan, Rs73.80 against the Saudi riyal and Rs75.45 against the UAE dirham.

Meanwhile, benchmark six-month Karachi Interbank Bid and Offer rates rose by three basis points to 11.83% and 12.08%, respectively.