The Pakistani rupee continued its steady appreciation trend against the US dollar on Monday, closing in the green for the 179th consecutive trading session.
According to market data, the rupee closed at 278.3114 per USD, registering a marginal gain of 1 paisa from the previous session.
The local currency showed a mixed performance against other major currencies. It weakened against the euro, British pound, Australian dollar, and Canadian dollar, while posting minor gains against the US dollar, Chinese yuan, and Saudi riyal. It remained largely stable against the UAE dirham.
Against the euro, the rupee fell by Rs. 1.03, while it declined Rs. 0.82 against the pound sterling and Rs. 1.04 against the Australian dollar. It also slipped by 13 paisas against the Canadian dollar. On the other hand, it gained 7 paisas against the Chinese yuan and a marginal 0.7 paisa against the UAE dirham, while showing a slight decline of 2.4 paisas against the Saudi riyal.
Market participants attributed the recent stability in the USD/PKR rate to subdued global dollar movement and softer international commodity prices, particularly in energy markets.
