ISLAMABAD: The Pakistani Rupee continued its appreciation for the 3rd consecutive day as on Tuesday, the local unit went up by 02 paisa against the American Dollar in the interbank trading and closed at Rs279.31 compared to Rs279.33 last day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/1FKQ00Lr58#SBPExchangeRate pic.twitter.com/NRjYKbB2TA
— SBP (@StateBank_Pak) February 13, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market settled at Rs280.5 and Rs282.25, respectively.
Like the greenback, the price of the Euro also went down by 77 paisa to settle at Rs300.87 compared to Rs301.64 on the last day, according to SBP.
The Japanese Yen lost 01 paisa against the local unit to close at Rs1.86, while the British Pound witnessed an increase of 18 paisa to settle at Rs353.36 against Rs353.18 on Monday.
The price of the Emirates Dirham went down by 01 paisa to settle at Rs76.04, whereas the Saudi Riyal remained unchanged at Rs74.48.
Upward Trend of Pakistani Rupee
The local unit swung both ways against other international currencies, particularly the greenback, during the last couple of months with a recent continued appreciation. From September last till the middle of October 2023, the Pakistani currency enjoyed an appreciation for record 28 consecutive sessions against the American dollar, followed by continued fall for the 17th consecutive sessions from October till the middle of November 2023.
However, at the end of December 2023, and then in January 2024, the Pakistani Ruppe mostly observed improvement against the US Dollar, thanks to the inflow from the IMF in the form of Rs700m followed by a $2b rollover from the UAE three weeks before. As a result, the local unit appreciated by over Rs 5 in the interbank during the last three to four weeks.
