The Pakistani rupee (PKR) continued its positive run against the US dollar (USD) on Wednesday, marking its 112th consecutive day of gains, while also strengthening against several other major currencies.

The PKR closed at Rs. 279.42 against the USD, up by three paisas in Wednesday’s session. Analysts said the local currency benefited from favorable trends in regional and global forex markets.

Gold prices, however, took a hit. The price of gold per tola fell by Rs. 10,000, settling at Rs. 539,962, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). International gold rates also declined, dropping by $100 to $5,172 per ounce. Traders attributed the fall to recent global market fluctuations and investor uncertainty over precious metals.

Other major currencies saw mixed movement. The PKR gained four paisas against the UAE Dirham (AED) and one paisa against the Saudi Riyal (SAR). It strengthened by Rs. 1.06 against the Euro (EUR) but weakened by 59 paisas against the British Pound (GBP). The rupee also rose by Rs. 1.43 against the Australian Dollar (AUD) but dropped 24 paisas versus the Canadian Dollar (CAD).

A market trader said that the recent weakness in Western currencies and the drop in gold prices have created opportunities for Asian currencies like the PKR and the Indian Rupee, particularly as they seek alternative markets for energy imports from the Middle East.

The forex and precious metals market remains volatile, with traders closely watching both global trends and domestic economic indicators for cues.