Daily Times

Pakistani rupee continued advancing against the US dollar in the inter-bank market on Friday and improved by 8 paisas (0.03 percent), closing the 10th consecutive week on a positive note. The State Bank of Pakistan (SBP) said in a tweet that the rupee opened at 279.98 against the dollar in the interbank market and closed at 279.90. Overall, the local unit improved by Rs0.46 against the greenback this week while it gained Rs7.13 during the previous ten weeks. The rupee has surged in 25 out of the last 27 sessions. Similarly, the rupee improved by Rs8.39 during the current fiscal year 2023-24 and Rs1.96 in the current year. The rupee gained Rs3.31 against the US dollar in December, while it shed Rs3.69 against the US dollar in November after gaining Rs6.26 (+2.23 percent) against the greenback in the month of October. The currency surged more than 6 percent in September. On the other hand, the local unit remained stable against the greenback in the open market. The rupee was quoted at 279 for buying and 281 for selling against the same rates in the previous session, according to data provided by different exchange companies. The rupee gained Rs3.50 against the greenback in December while it surged by 50 paisas against the greenback last week.