USD to PKR rate down by Rs1.6 to Rs298.82 on Sept 13

KARACHI: The US dollar (USD) continued to lose ground against the Pakistani rupee (PKR) as it depreciated by Rs1.6, settling at Rs298.82 in the interbank market on Wednesday. This marked the sixth consecutive session in which the Pakistani rupee showed strength against the US dollar.

At the close of the trading day, the rupee had gained Rs1.07 or 0.36%, according to the State Bank of Pakistan (SBP). Over the course of the last six sessions, the rupee has demonstrated a cumulative appreciation of nearly 3%, bouncing back from its recent record low of 307.1, which it had reached just last week.

In the international market, the US dollar displayed mixed performance on Wednesday, with its value fluctuating ahead of a significant US inflation report scheduled for later in the day. Meanwhile, it strengthened against the Japanese yen, as traders assessed remarks made by Japan’s top central banker regarding the potential early departure from their negative interest rate policy.