PKR extends appreciation streak against USD to 250 sessions

Mettis Global reported that the rupee closed Wednesday's interbank session at 277.11 against the US dollar, a gain of 0.70 paisa from the prior close. The move extended the currency's winning run to 250 straight sessions, a cumulative rise of Rs4.3106 or 1.56 per cent over the period. Open market quotes from exchange companies ranged from 277.25 for buying to 278.15 for selling.

Against other major currencies the rupee was mixed. It lost ground to the euro, settling at 314.64 from 314.21, and to the pound, where the rate moved to 367.83 from 366.65 earlier. It also weakened against the Swiss franc and the Japanese yen, yet firmed slightly versus the Chinese yuan, Saudi riyal and UAE dirham.

On a year-to-date basis, the rupee has strengthened by Rs1.05 or 0.38 per cent against the dollar in the fiscal year, and by Rs3.01 or 1.09 per cent in the calendar year. In money market trading, six-month Karachi Interbank Bid and Offer rates each rose 3 basis points, to 11.83 per cent and 12.08 per cent respectively.