ISLAMABAD: Beside a slight depreciation of just Rs 0.1 on Tuesday, the Pakistani Rupee continued its upward trend for the last 12th consecutive day as on Thursday the local unit witnessed an appreciation of 12 paisa against the American Dollar in the interbank trading to settle at Rs279.99 compared to Rs280.10 on Wednesday, according to State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/nU4yo0Ygxz#SBPExchangeRate pic.twitter.com/3z5jGGnzGP
— SBP (@StateBank_Pak) January 18, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), like the interbank, the local currency also observed a little improvement in the open market as the buying and selling rates of the Dollar against rupee were observed at Rs279.4 and Rs281.4 respectively.
Interestingly, despite pressure on the Euro against dollar, the rates for the Euro went up against the Pakistani rupee by 23 paisa to settle at Rs304.67 compared to Rs304.44, according to the SBP.
However, the Japanese Yen remained constant without a change and traded at Rs1.89, whereas the British Pound witnessed an increase of 73 paisa to settle at Rs355.23 against Rs354.50 on Wednesday.
The price of the Emirates Dirham and the Saudi Riyal went down by 04 paisa and 03 paisa to close at Rs76.22 and Rs74.65 respectively.
Appreciation of Pak Rupee
The Pakistan currency swung both way during last two to three months with a recent continues appreciation. From September last, till middle of October 2023, the Pakistani Rupee appreciated for record 28 consecutive sessions against the American dollar, followed by continues fall for 17th consecutive sessions from October till middle of November, 2023.
However, at the end of December and then in January, the local currency mostly observed improvement against the greenback as during last couple of weeks, the local unit appreciated by over Rs 5 in the interbank.
