ISLAMABAD: After a minimal depreciation last Friday, the Pakistani Rupee on Monday down further by a slight margin of 07 paisa against the American dollar in the interbank trading to settle at Rs 279.26 as compared to Rs 279.19 the previous day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market also observed a slight change and stood at Rs 279.2 and Rs 282.1, respectively.
Like the US dollar, the price of the Euro also went up by Rs1.04 to settle at Rs 303.09 against Rs 302.05 on Friday, according to the State Bank of Pakistan (SBP).
However, the Japanese Yen remained constant at Rs185, whereas the British Pound observed an increase of Rs1.15 to close at Rs 354.02 and Rs 352.87 the previous day.
The price of the Emirates Dirham and the Saudi Riyal went up by 02 paisa each to close at Rs 76.03 and Rs 74.46 respectively.
Pakistani Rupee Against US Dollar
The local unit oscillated both ways against the American dollar during the last couple of months with recent continued upward sentiments. From September last, till the middle of October 2023, the local currency observed appreciation 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 local unit mostly enjoyed appreciation 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 a fresh development last Thursday, China also rolled over $2b to Pakistan which was due in March 2024. As a result, the local currency improved by over Rs 5 in the interbank during the last four to five weeks.
