Rupee’s winning run continues against US dollar

KARACHI: The Pakistani rupee continued to strengthen against the US dollar, gaining 0.37 percent during the opening hours of trading in the inter-bank market on Wednesday.

At midday, the rupee was hovering at 284.68, an increase of Rs1.04, in the inter-bank market.

In the open market, the dollar depreciated by 50 paisa, standing at Rs285.50 in the morning trade, according to the Exchange Companies Association of Pakistan.

During last week, the Pakistani rupee (PKR) gained 4.02 against the US dollar (USD) following the crackdown.

Other foreign currencies also lost their value in the open currency market. In a week Euro dropped by 9 rupees from 315 and sold at 306 Pakistani rupees.

British Pound Sterling lost 18 rupees and reached to 353 from 371 rupees.

Saudi Riyal is being sold at Rs 76.2 while the UAE Dirham is being sold at Rs 79.5