ISLAMABAD: Amid slight but continuous fluctuation for the last couple of days, the Pakistani Rupee on Tuesday witnessed a minimal decline by 21 paisa against the American dollar in the interbank trading to close at Rs279.57 against the last day stand of Rs279.36.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price for the greenback in the open market was observed at Rs279.7 and Rs282.25, respectively.
Unlike the US dollar, the price of the Euro against the local unit went down by 03 paisa to settle at Rs301.24 compared to Rs301.27 on Monday.
The Japanese Yen also observed a fall by 01 paisa to close at Rs1.85, while the British Pound declined by 76 paisa to close at Rs351.94 against the last day rates of Rs352.70.
The price of the Emirates Dirham and the Saudi Riyal went up by 05 paisa and 06 paisa to settle at Rs76.11 and Rs74.54 respectively.
Status of Pakistani Rupee Against Dollar
The local currency oscillated both ways against the American dollar during the last couple of months with a recent continued improvement. From September last till the middle of October 2023, the local currency witnessed appreciation for a record 28 consecutive sessions against the American dollar, followed by a 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 local currency mostly witnessed improvement against the American dollar, thanks to the inflow from the IMF in the form of Rs700m followed by a $2b rollover from the UAE a month before. As a result, the local unit improved by over Rs 5 in the interbank during the last three to four weeks.
