ISLAMABAD: After continued stability for the last few days, the Pakistani Rupee on Thursday witnessed a slight depreciation of Rs.0.6 against the American dollar in the interbank trading and closed at Rs279.38 compared to Rs279.32, reported by the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/5KeIpoJvJg#SBPExchangeRate pic.twitter.com/N3JE0i7Ywk
— SBP (@StateBank_Pak) February 15, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market stood at Rs 279.15 and Rs 281.95, respectively.
Like the US Dollar, the rates for the Euro against the local unit also went up by 95 paisa to settle at Rs299.85 against Rs298.90 on Wednesday, according to SBP.
The Japanese Yen increased by 01 paisa to close at Rs1.86, while the British Pound observed an appreciation of 05 paisa to settle at Rs350.50 compared to Rs350.45 last day.
The price of the Emirates Dirham and the Saudi Riyal went up 02 paisa each to close at Rs76.06 and Rs74.49.
Value of Pakistani Rupee Against Dollar
The local currency swung both ways against the American dollar during the last couple of months with a recent continued appreciation. From September last till the middle of October 2023, the local unit observed improvement for a record 28 consecutive sessions against the greenback, 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 local unit mostly observed improvement against the Americans, thanks to the inflow from the IMF in the form of Rs700m followed by a $2b rollover from the UAE three weeks before. As a result, the local unit improved by over Rs 5 in the interbank during the last three to four weeks.
