Rupee gains Re1 vs $ for 25th session in interbank market

KARACHI: Pakistani rupee maintained its winning streak against the US dollar for the 25th consecutive session in the inter-bank market on Tuesday with an appreciation of another Re1.
The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 280.51 against the dollar in the interbank market and closed at 279.51, showing an appreciation of 0.36 percent.
The ongoing appreciation marks the longest ever winning streak of the local unit against the greenback. The rupee has advanced to the highest level of the current fiscal year 2023-23. The currency surged more than 6 percent in the past month to become the top performer in the world. The rupee has appreciated by Rs6.48 during the current fiscal year 2023-24, while it has depreciated by Rs50.09 in the current year.
However, the local unit depreciated for the consecutive day against the greenback in the open market and shed Rs1.5 more during the day. The rupee was quoted in the range of 278.5-281.5 a dollar against 277-280 a session earlier. The rupee has appreciated by Rs53 in the last 26 sessions in the open market.-TLTP