ISLAMABAD: After continuous depreciation for the last 4 consecutive sessions, the Pakistani Rupee turned bullish on Thursday while witnessing a slight gain by 07 paisa against the American dollar in the interbank trading to settle at Rs 279.28 against Rs 279.35 the previous day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market also observed a slight change and stood at Rs 279 and Rs 281.8, respectively.
Unlike the greenback, the price of the Euro increased against the local unit by 82 paisa to settle at Rs 304.22 as compared to the previous day’s price of Rs 303.40, according to the State Bank of Pakistan (SBP).
The Japanese Yen went up slightly by 02 paisa to settle at Rs188, while the British Pound witnessed an increase of 53 paisa to settle at Rs 355.58 against the last-day price of Rs 355.05.
Meanwhile, the price of the Emirates Dirham and the Saudi Riyal went down by 01 paisa and 02 paisa to settle at Rs 76.04 and Rs 74.46 respectively.
Pakistani Rupee Against US Dollar
The local unit oscillated both ways against the American dollar during the last couple of months with a recent continued upward flow except for the last four days. From September last, till the middle of October 2023, the local currency recorded 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 Pakistani currency mostly observed 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 appreciated by over Rs 5 in the interbank during the last four to five weeks, except for the recent slight depreciation for four days.
