ISLAMABAD: Although slightly, the Pakistani Rupee continued its appreciation against the US dollar for the 9th consecutive session as on Monday, the local unit witnessed a further appreciation of 12 paisa against the American Dollar in the interbank trading to settle at Rs280.24 against Rs280.36, the previous day reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/saOzRHbWA0#SBPExchangeRate pic.twitter.com/ITWG8IGd9E
— SBP (@StateBank_Pak) January 15, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market also recorded a slight change and settled at Rs280 and Rs282, respectively.
Like the greenback, the rates for the Euro against the local currency also went down by 76 paisa to close at Rs307.08 against Rs307.84 the previous day, according to SBP.
The Japanese Yen lost 01 paisa to close at Rs1.92, whereas the British Pound recorded a fall of 98 paisa to close at Rs357.20 compared to Rs358.18 on Friday.
The price of the Emirates Dirham and the Saudi Riyal went down by 03 paisa each to close at Rs76.30 and Rs74.72, respectively.
Appreciation of Pakistani Rupee
The local currency swung both ways during the last couple of months with a recent continuous improvement. From September last till the middle of October 2023, the local currency improved for a record 28 consecutive sessions against the US Dollar, followed by a continued fall for the 17th consecutive session from October till November 15.
During the last two weeks, the local currency improved by over Rs 4 in the interbank against the American Dollar.
