Pakistani Rupee’s Winning Streak: 11th Consecutive Gain Against US Dollar

The Pakistani Rupee has Demonstrated Remarkable Strength by Securing its 11th Consecutive Gain against the US Dollar in the inter-Bank Market. According to the State Bank of Pakistan (SBP) the Rupee Settled at 282.20 after an increase of Re0.17. This Positive trend follows a Marginal gain Recorded on the Previous day Settling at 282.37 against the US Dollar.

Internationally the US Dollar remains under Pressure and the euro is approaching a four-Month Peak amid Expectations of an impending interest rate Cut by the Federal Reserve. The Dollar index measuring the US Currency against six Rivals is at 101.54, Close to its Five-Month Low of 101.42. Markets anticipate Potential rate cuts from the Fed in the Coming Year, Leading to a 1.9% Drop in the Dollar index for 2023.

Despite recent Attacks and Tensions in the Middle East Oil Prices Stabilized after Significant Gains. Brent Crude futures Dipped by 0.21% to $80.90 a Barrel while US West Texas Intermediate Crude Decreased by 0.45% to $75.23 a Barrel.

Read more: Pakistani Rupee Faces 16th Consecutive Drop Against US Dollar

In the open Market the Pakistani Rupee Strengthened further against the US Dollar Gaining 52 Paisa for Buying and 56 Paisa for Selling, Closing at 280.79 and 283.20, Respectively. The Rupee also Exhibited Gains against the Euro, UAE Dirham and Saudi Riyal in the Open Market.

Read More: Pakistan’s Rupee Depreciation and Its Struggle with Decreasing Dollar Inflows

The Currency’s Consistent appreciation Reflects Changing Dynamics in the Global Economic Landscape with Markets Closely monitoring Developments and Potential rate adjustments by the Federal Reserve.