Rupee Extends Winning Streak, Closes at 281.90 Against US Dollar

The Pakistani rupee continued its upward momentum on Friday, marking its 11th consecutive gain in the interbank market. The local currency appreciated by Re0.2 (0.01%), settling at 281.90 against the US dollar compared to 281.92 a day earlier.

The sustained recovery comes amid improved sentiment in the currency market, supported by stable inflows and lower import demand.

On the global front, the US dollar index traded at 98.61, on track for a 0.7% weekly gain after snapping a two-week losing streak. Market participants remained cautious ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole conference, expected to provide clarity on the future path of US interest rates.

Meanwhile, oil prices — a key driver of exchange rate parity — remained subdued, with Brent crude at $67.50 and WTI at $63.39, though both benchmarks are poised for weekly gains.

Analysts expect the rupee to remain range-bound in the near term, with direction influenced by global dollar movements, Fed policy signals, and international oil price trends.