United States dollar experiences the 19th straight loss against Pakistani rupee

Pakistani Rupee Appreciates for the 19th Consecutive Day Against US Dollar

The Pakistani Rupee continued its winning streak against the US Dollar on Wednesday, marking its 19th consecutive day of appreciation. The local currency closed at 281.71 against the greenback, a marginal gain from the previous day's closing of 281.72.

In the inter-bank market, the US Dollar was sold for Rs 281.71 and bought for Rs 281.90. However, in the open market, the US Dollar was sold for Rs 283.30 and bought for Rs 282.45.

The Pakistani Rupee also gained against other major currencies. Against the UAE Dirham, the Pakistani Rupee closed at 76.87 for buying and 77.10 for selling. The Rupee also gained against the Saudi Riyal, closing at 75.17 for buying and 75.40 for selling.

However, the Rupee lost ground against the Euro, with a closing rate of 328.11 for buying and 330.03 for selling.

Meanwhile, oil prices eased in Asia on Wednesday but held near one-month highs. Internationally, the Indian Rupee is expected to open higher on Wednesday. Traders suggest that the near-term depreciating bias on the Indian Rupee has moderated.

The remarks from India's commerce minister indicate that a US-India trade pact is expected to be finalised by November. US President Donald Trump commented that India had offered to cut its tariffs "to nothing."

The 1-month non-deliverable forward indicates the Indian Rupee will open in the 88.04 to 88.08 range versus the US Dollar.

In related news, the Pakistani Rupee's traditional correlation with the US Dollar due to trade and remittance flows could imply increased pressure to weaken unless countered by strong domestic factors or foreign reserves. A weaker dollar environment globally often influences emerging market currencies like the Pakistani Rupee to face depreciation risks in the short term.

In other developments, the local unit closed at 281.72 on Tuesday. Traders also suggest that the Pakistani Rupee gained 5 paise for buying and selling against the UAE Dirham and the Saudi Riyal in the open market.