The Pakistani Rupee (PKR) on Thursday appreciated by Rs. 03 against the US Dollar (USD) in the interbank trading and closed at Rs. 281.47 against the previous day’s closing of Rs. 281.37.
Today’s gain means the rupee has now risen for 30 straight days against the dollar, one of the longest winning streaks of any current against the dollar in recent months.
Rupee’s current winning streaking started a month back after Pakistan started crackdown against dollar black market. However, it is pertinent to mention here that some analysts still expect rupee to end up in the range of Rs. 285 to Rs. 290 by December this year.
Globally the US dollar held steady in early Thursday trade after plunging to a 3-1/2-year low and then staging a sharp rebound, as traders weighed the implications of the Federal Reserve’s cautious stance on future interest rate cuts.
