PKR extends appreciation streak against USD to record 230 sessions

Mettis Global reported that the rupee edged higher against the US dollar on Wednesday, extending its run of gains to 230 straight sessions. The rupee closed at Rs277.45 per dollar, up 1.23 paisa from Tuesday's Rs277.46 settlement. Trading stayed within a tight band, with the best bid at Rs277.50 and the lowest ask at Rs277.45.

Open-market exchange firms listed the dollar at Rs278.00 for buyers and Rs278.50 for sellers. The rupee also firmed against most major currencies. Against the euro it gained 29.18 paisa, or 0.09 per cent, to Rs321.32, while the pound rose 65.49 paisa to Rs374.91. The yen was the exception, slipping 0.16 per cent to 1.7371.

Over the current fiscal year, the rupee has firmed 71 paisa, or 0.26 per cent, against the dollar. Measured from the start of the calendar year, the gain stands at Rs2.67, or 0.96 per cent. Cumulative gains across the streak total Rs3.9736, or 1.43 per cent. The six-month KIBOR bid rate edged up 1 basis point to 11.59 per cent, while the offer rate stood at 11.84 per cent.