ISLAMABAD: The Pakistani rupee witnessed a marginal depreciation against the American dollar by Rs 0.08 (0.03%) in the inter-bank market on Tuesday to settle at Rs279.28 against the last day stand of Rs279.2, according to the State Bank of Pakistan (SBP).
At the international level, the greenback remained under pressure on Tuesday, as the markets were awaiting the fresh US economic data to examine the fresh signals if the Federal Reserve has any intentions of cutting interest rates.
Meanwhile. leading cryptocurrency Bitcoin witnessed a two-year high above $57,000 after enterprise software firm MicroStrategy Inc announced it had bought about 3,000 more of the tokens for $155 million.
Pakistani Rupee Against Dollar
The local unit oscillated both ways against the greenback during the last couple of months with a recent continued appreciation. From September last till the middle of October 2023, the local currency recorded appreciated for a record 28 consecutive sessions against the greenback, 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 local currency mostly enjoyed improvement against the greenback, thanks to the inflow from the IMF in the form of Rs700m followed by a $2b rollover from the UAE on January 20. As a result, the Pakistani currency appreciated by over Rs 5 in the interbank during the last four weeks.
