ISLAMABAD: After appreciating for over 20 paisa during the last three working days, the Pakistani Rupee continued its minimal upward trend for the fourth consecutive session as on Monday the local unit strengthened by 11 paisa against the American dollar in the interbank trading to settle at Rs278.63 against Rs278.74 on Friday.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market settled at Rs 278.7 and Rs 281.3, respectively.
Unlike the greenback, the price of the Euro went up against the local currency by 19 paisa to close at Rs 303.51 as compared to Rs 303.32 the previous day, according to the State Bank of Pakistan (SBP).
The Japanese Yen, however, went down by 01 paisa to settle at Rs1.86, whereas the British Pound observed a decline of 17 paisa to close at Rs355.00 against the previous day’s stand of Rs355.17.
The Price for the Emirates Dirham and the Saudi Riyal also went down by 02 paisa and 03 paisa to close at Rs 75.87 and Rs74.29.
Pakistani Rupee Against American Dollar
The local unit oscillated both ways against the American dollar during the last couple of months with recent continued upward flow. From September last, till the middle of October 2023, the local currency recorded improvement for a record 28 consecutive sessions against the US dollar, followed by a continues 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 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 addition, on 29th February, China also rolled over $2b to Pakistan which was due in March 2024. As a result, the local unit appreciated by over Rs 5 in the interbank during the last four to five weeks.
