ISLAMABAD: The slight depreciation of the Pakistani Rupee continues for the fourth consecutive session as on Wednesday the local unit down further by 04 paisa against the American dollar in the interbank trading to settle at Rs 279.35 as compared to the last day’s stand of Rs 279.31.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market settled at Rs 279.2 and Rs 282.1, respectively.
Like the US dollar, the price of the Euro also went up by 32 paisa to settle at Rs 303.40 compared to Rs 303.08, on the last day, according to the State Bank of Pakistan (SBP).
The Japanese Yen went up by just 01 paisa to close at Rs186, while the British Pound witnessed an increase of 93 paisa to close at Rs 355.05 against the last-day stand of Rs 354.12.
The price of the Emirates Dirham and the Saudi Riyal against the local unit went up by 01 paisa each to close at Rs 76.05 and Rs 74.48 respectively.
Pakistani Rupee Against US Dollar
The local currency swung both ways against the greenback during the last couple of months with recent continued upward sentiments except for the last four days. From September last, till the middle of October 2023, the local unit witnessed appreciation for a record 28 consecutive sessions against the US dollar, followed by a continued fall 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 Pakistani Rupee mostly experienced 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 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 unit improved by over Rs 5 in the interbank during the last four to five weeks, except for the recent slight depreciation for four days.
