Rupee maintains winning streak against US dollar

KARACHI: The Pakistani rupee continued its upward trajectory against the US dollar in the interbank market on Tuesday, ARY News reported quoting SBP.

Pakistani rupee (PKR) gained Rs1.05 against the US dollar in the interbank trading and closed at Rs294.90 as compared to yesterday’s close of, 295.95.

According to the forex dealers, the greenback is being traded at Rs297 in the open market whereas, the banks traded the greenback to importers at Rs296.45.

It is pertinent to mention here that the US Dollar (USD) index hit its highest level in six months on September 14, as economic data was mostly stronger than anticipated and the European Central Bank (ECB) signaled it was finished with its rate hike cycle.

U.S. retail sales increased by 0.6% in August, more than the expected 0.2% rise, boosted by higher gasoline prices while weekly initial jobless claims rose to 220,000 but were below the 225,000 forecast.