KARACHI: The Pakistani rupee on Wednesday remained in its high spirit against the US dollar, settling at Rs293.88 after an increase of Rs1.02 in the inter-bank market.

The rupee maintained its upward journey in recent days due to State Bank of Pakistan’s structural reforms and crackdown on smuggling, lending support to the currency markets.

In the world market, the US dollar kept its grip strong on Wednesday.

Inter-bank market rates for dollar on Wednesday:

BID Rs 294.85

OFFER Rs 294.05

Open-market movement

In the open market, the PKR lost 1.00 rupee for both buying and selling against USD, closing at 294.00 and 297.00, respectively.

Against Euro, the PKR lost 2.00 rupees for both buying and selling, closing at 317.00 and 320.00, respectively.

Against UAE Dirham, the PKR lost 30 paisa for both buying and selling, closing at 82.00 and 82.80, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 78.80 and 79.50, respectively.