The rupee weakened for the second consecutive session on Wednesday after recording a 28-day winning streak in the interbank foreign exchange market.

The dollar gained Rs3.25 to reach Rs280.28 at the closing of the interbank, as against the closing of RsRs277.03 the previous day.

In the open market, the greenback also lost value as it was available at Rs280 showing a decline of Rs3.

After opening on a positive note, the Pakistan Stock Exchange failed to manage the momentum as the benchmark KSE-100 Index shed 99.54 points, or 0.20% to 49,431.47 levels at the closing of the bourse.

The KSE-30 Index shed 47.87 points or 0.28% to reach 16,910.23 levels at the end of the trading session.

On Tuesday, the PSX had briefly breached the 50,000 mark for the first time in six years.