US Dollar continues winning streak against Rupee

Karachi: The US dollar continued its winning streak against the Pakistani rupee (PKR) in the interbank on Tuesday.

According to the State Bank of Pakistan (SBP) report, the US dollar gained 32 paise over the previous session's closing price of Rs287.55 to conclude at Rs287.87.

The local currency has weakened by four per cent against the dollar since the start of the declining trend in mid-October.

The price of US dollars rose by Rs. 3.00 on the open market during the week that concluded yesterday, closing at Rs. 288 from 285 rupees.

Other foreign currencies experienced an upward movement while the Pakistani rupee declined. Over the course of the week, the euro gained five rupees, reaching Rs 302 by the weekend.

The Euro gained five rupees and was trading at 307 rupees, while the Pound gained 10 rupees in a week to reach 356.50 rupees in the open market.

The price of the Saudi riyal jumped by Rs 1.20, closing at Rs 76.70 from Rs 75.50, while the rate of the Emirates dirham rose by 30 paisa, ending at Rs 80.50.