ISLAMABAD: Although slight depreciation of the Pakistan Rupee continued for the 3rd consecutive session on Tuesday the local unit went down by 05 paisa against the American dollar in the interbank trading to settle at Rs 279.31 as compared to the last day stand of Rs 279.26.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback against the local unit in the open market also observed a slight change and stood at Rs 279.3 and Rs 282.3, respectively.
Unlike the US dollar, the price of the Euro against the local currency went down by 01 paisa to settle at Rs 303.08 as compared to Rs 303.09 last day, according to the State Bank of Pakistan (SBP).
However, the Japanese Yen remained constant at Rs185, whereas the British Pound observed an increase of 12 paisa and closed at Rs 354.12 against Rs 354.02 on Monday.
Like the greenback, the price of the Emirates Dirham and the Saudi Riyal went up by 01 paisa each to close at Rs 76.04 and Rs 74.47 respectively.
Pakistani Rupee Against US Dollar
The local currency oscillated both ways against the American dollar during the last couple of months with a recent continued upward sentiment. From September last, till the middle of October 2023, the local currency enjoyed appreciation for a record 28 consecutive sessions against the US dollar, followed by a continuous decline for 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 experienced 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. In a fresh development on 29th February, 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, except for the recent slight depreciation for three days.
