PKR marks 185th straight gain vs USD

The rupee also recorded gains against most major international currencies. Against the euro, the local unit appreciated by Rs1.71, or 0.54%, to settle at PKR 315.86, compared with PKR 317.56 in the previous session.

Similarly, the currency strengthened against the British pound, rising Rs1.24, or 0.34%, to close at PKR 366.93 versus PKR 368.17 a day earlier.

The rupee advanced Rs1.18, or 0.34%, against the Swiss franc, ending the session at PKR 342.68.

Against the Japanese yen, the local unit improved by 0.38 paisa, or 0.22%, closing at PKR 1.7205 compared to PKR 1.7243 in the previous session.

The Chinese yuan also weakened against the rupee, with the local currency gaining 11.02 paisa, or 0.27%, to settle at PKR 40.89 from PKR 41.00.

However, the rupee slipped marginally against the Saudi riyal, losing 1.72 paisa, or 0.02%, to close at PKR 74.12. Against the UAE dirham, it edged up by 0.46 paisa, or 0.01%, to settle at PKR 75.75.

On a broader basis, the rupee has strengthened by Rs5.56, or 2.00%, against the US dollar during the ongoing fiscal year. Since the start of the calendar year, the currency has gained Rs1.92, reflecting an appreciation of 0.69%.

Meanwhile, activity in the money market showed a decline in short-term benchmark rates, with the 6-month Karachi Interbank Bid Rate (KIBOR) and Offer Rate easing by 10 basis points to 11.64% and 11.89%, respectively.