ISLAMABAD: Although with a slow pace, the Pakistani Rupee continued its appreciation for the fifth consecutive session as on Tuesday, the local currency gained 06 paisa against the American Dollar to settle at Rs 281.22 against its last day stand of Rs 281.28, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/uAO5RGRB2Q#SBPExchangeRate pic.twitter.com/6aG4TXpFj8
— SBP (@StateBank_Pak) January 9, 2024
Meanwhile, like the interbank, the local currency enjoyed the same momentum of improvement with a slight change and was available in the open market at Rs 279.90 and Rs 282.20 for buying and selling, respectively.
Continues Appreciation of Pakistani Rupee
The local currency swung both ways during the last couple of months with a recent continued appreciation. From the start of last September till the middle of October 2023, the Pakistani unit appreciated for a record 28 consecutive sessions against the US Dollar, followed by a continuous decline for 17th consecutive sessions from October to November 15.
However, from November 16, 2023, the Pakistani Rupee witnessed improvement with slight depreciation for just three consecutive days, which was turned around at the end of November last year and still floating in the same upward trend, except for the minor decline by 03 paisa on January 2.
