Currency: The rupee records consecutive gains against the falling US dollar : Orishas-finance

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Currency: The rupee records consecutive gains against the falling US dollar

08/03/2024

Source : ORISHAS-FINANCE

Categories: Economy/Forex

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Currency: The rupee records consecutive gains against the falling US dollar

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At the end of this week, when the Pakistani rupee recorded consecutive gains against the US dollar. The dollar for its part headed for its biggest weekly decline

of the year.

The Pakistani rupee appreciated by 0.09% on the interbank market. According to the State Bank of Pakistan (SBP), the rupee registered a slight improvement on Thursday to 279.29 against the US dollar. The single currency hit a nearly two-month high of $1.0954 during the Asian session, placing it in the middle of a range that it maintained for a

year.

The dollar headed for its biggest weekly drop of the year on Friday, as Federal Reserve Chairman Jerome Powell was more confident that interest rates would be cut in the coming months. The common currency hit a nearly two-month high, at $1.0956, during the Asian session, bringing it back to the middle of a range that it maintained for a year. The Australian dollar is at its highest level since mid-January at $0.6631 and the kiwi at its highest level this week at

$0.6183.

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