ISLAMABAD: After a slight appreciation of Rs 0.16 on the last day, the Pakistani rupee remained stable with no change against the US Dollar in the interbank trading on Thursday to close at the last day‘s stand of Rs 279.11.
However, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market observed nominal change and stood at Rs 279.3 and Rs 282.2, respectively.
Unlike the US dollar, the price of the Euro observed a slight increase by 30 paisa to settle at Rs 302.41 as compared to Rs 302.11 last day, according to the State Bank of Pakistan (SBP).
Meanwhile, the Japanese Yen went up by 01 paisa to settle at Rs186, while the British Pound witnessed a decline of 06 paisa to close at Rs 353.24 against Rs 353.30 on Wednesday.
The price of the Emirates Dirham and the Saudi Riyal observed no change and closed at Rs 75.99 and Rs 74.42, respectively.
Pakistani Rupee Against US Dollar
The local unit oscillated both ways against the greenback during the last couple of months with a recent continuous improvement. From September last till the middle of October 2023, the local currency appreciated for a record 28 consecutive sessions against the American dollar, followed by a continued decline for the 17th consecutive session from October till the middle of November 2023.
However, at the end of December 2023, and then in January 2024, the Pakistani currency mostly enjoyed appreciation 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. In a fresh development on Thursday, China also rolled over $2b to Pakistan, which was due in March 2024. As a result, the local currency improved by over Rs 5 in the interbank during the last four to five weeks.
