PKR stretches dollar gains to 220 consecutive sessions

According to Mettis Global, the rupee strengthened against the US dollar for a 220th straight session on Tuesday, with its cumulative gain reaching PKR 3.8128, or 1.37%. In the interbank market the dollar closed at PKR 277.61, down 1.06 paisa from the prior close of PKR 277.62. Intraday trading ranged between a bid of PKR 277.65 and an ask of PKR 277.60.

Against other major currencies the rupee also firmed, with the euro easing to PKR 321.21 from PKR 322.43 and the pound closing at PKR 375.46. The Swiss franc settled at PKR 341.95 after a gain of PKR 1.94, while the Japanese yen was priced at PKR 1.7380.

Against the dollar, the rupee has gained 54.92 paisa, or 0.20%, in the current fiscal year and PKR 2.51, or 0.90%, in the calendar year so far. In the money market, the six-month Karachi Interbank bid rate rose by one basis point to 11.51%, while the offer rate climbed to 11.76%.