PKR holds ground, extends dollar gains for 240 straight sessions

According to Mettis Global, the Pakistani rupee has now posted gains against the greenback for 240 straight sessions. In Wednesday's interbank session, the currency closed at Rs277.27 per dollar, 3.08 paisa stronger than the prior close of Rs277.30. Cumulative gains across the streak now stand at Rs4.1536, or 1.50 per cent.

Against other major currencies, the rupee moved in both directions. It slipped 29.72 paisa, or 0.09 per cent, against the euro to Rs320.12, while gaining 12.47 paisa against the pound to Rs373.53 and 47.28 paisa against the Swiss franc to Rs338.78. Open market quotes from exchange companies put the dollar at Rs277.50 to buy and Rs278.30 to sell.

Over the current fiscal year, the rupee has gained 89.00 paisa, or 0.32 per cent, against the dollar. In the calendar year so far, the gain stands at Rs2.85, or 1.03 per cent. Money market rates also moved, with the six-month Karachi Interbank bid rate rising one basis point to 11.75 per cent, and the offer rate to 12.00 per cent.