Rupee Extends Gains Against US Dollar for 61st Straight Day. The Pakistani rupee (PKR) showed a rare recovery against the US dollar on Wednesday, ending a 61-day losing streak in the interbank market. This gain brought short-term relief to currency watchers after weeks of continuous pressure on the local unit.
By the close of trading, the rupee settled at 280.27, gaining seven paisas against the US dollar. Market participants described the move as modest but symbolically important, as it marked the first positive close in more than two months.
Performance Against Major Global Currencies
Alongside its gain against the dollar, the rupee also strengthened against several major international currencies. It ended the session higher against the euro, British pound, and Australian dollar, which all closed lower in rupee terms.
Analysts said this quiet recovery reflects slight easing in demand pressure and routine interbank adjustments, rather than any major policy shift.
Mixed Trend in Regional Currencies
Despite the overall positive sentiment, the rupee did not perform well across the board. It ended on a negative note against key regional currencies, including the UAE dirham (AED) and the Saudi riyal (SAR). These minor losses were linked to cross-rate movements and regional currency alignment with the US dollar.
Loss Against Canadian Dollar
The rupee also weakened against the Canadian dollar (CAD) during the session. It lost 23 paisas, closing lower compared to the previous day. Traders attributed this movement to international currency fluctuations rather than local economic factors.
Interbank Market Snapshot
In the interbank market, the rupee showed a mixed pattern:
- USD: Closed lower, showing rupee strength
- EUR, GBP, AUD: Rupee gained
- AED, SAR: Rupee slipped slightly
- CAD: Notable loss of 23 paisas
This pattern highlighted ongoing volatility in the foreign exchange market.
Market Outlook
Currency experts cautioned that a single positive session does not signal a long-term trend reversal. They stressed that sustained stability will depend on external inflows, import payments, and overall economic indicators in the coming weeks.
Still, the rupee’s recovery against the dollar after 61 days was seen as a psychological boost for the market.
Conclusion
The Pakistani rupee’s gain against the US dollar marked an important break in its prolonged downward run. While performance against other currencies remained mixed, the positive close offered brief relief. Analysts expect continued fluctuations as the market responds to global and domestic economic developments.
