ISLAMABAD: After a marginal depreciation of 10 paisa during the previous day’s trading, the Pakistani Rupee on Tuesday further went down by 10 paisa against the US dollar in the interbank trading to settle at Rs 278.39 as compared to Rs 278.29 last day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market stood at Rs 277.25 and Rs 279.90 respectively.
Unlike the greenback, the price of the Euro went down by 12 paisa against the local unit to close at Rs 302.47 compared to Rs 302.59 on Monday, according to the State Bank of Pakistan (SBP).
The Japanese Yen however remained unchanged at Rs 1.78, while the British Pound registered an increase of 65 paisa to close at Rs 353.94 against the previous day’s closing of Rs 353.29.
Meanwhile, the price of the Emirates Dirham and Saudi Riyal went up by 03 paisa each to close at Rs 75.79 and Rs 74.23 respectively.
US Dollar in International Market
Meanwhile, the US Dollar continued the mixed trend on Monday with no clear direction in the Asian and European sessions. The Greenback still awaiting clues from the upcoming possible rate cut by the Federal Reserve officials, which is yet to be known in the near future.
Pakistani Rupee Against US Dollar
Recently the local currency registered both appreciation and depreciation, against the American dollar with recent continued improvement. From September, till the middle of October 2023, the local unit witnessed appreciation for a record 28 consecutive sessions against the American dollar, followed by a continuous decline for the 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 enjoyed appreciation against the greenback amid the inflow from the IMF followed by a $2b rollover each from the UAE (January) and China (February). As a result, the Pakistani rupee improved by over Rs7 in the interbank during the last two to three months.
In another recent development, Pakistan received $1.1 billion from the International Monetary Fund (IMF) as a final tranche of the $3 billion Stand-By Arrangement (SBA), on April 30. Pakistan is now eyeing for a longer program from the IMF to further overcome the economic quagmire. However, the expected program might be followed by inflation and price hikes amid tough conditions from the lending body in the shape of further taxation.
