ISLAMABAD: The Pakistan Rupee is witnessing a slight fluctuation both ways for the last couple of days as on Monday the local unit recorded a minimal depreciation of 04 paisa against the American dollar in the interbank trading to settle at Rs 279.07 against Rs 279.03 the previous day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market settled at Rs 279 and Rs 281.8, respectively.
Like the greenback, the price of the Euro also went up against the local currency by 26 paisa to settle at Rs 305.45 as compared to Rs 305.19 the previous day, according to the State Bank of Pakistan (SBP).
The Japanese Yen went up by 02 paisa to close at Rs1.90, while the British Pound witnessed an increase of 83 paisa to settle at Rs 358.51 against Rs 357.68 on Friday.
Meanwhile, the price of the Emirates Dirham and the Saudi Riyal increased by 01 paisa each against the local unit to settle at Rs 75.98 and Rs 74.40 respectively.
Pakistani Rupee Against US Dollar
The local currency oscillated both ways against the US dollar during the last couple of months with a recent continued upward trend except for the last five working days. From September last, till the middle of October 2023, the local unit witnessed appreciation for a record 28 consecutive sessions against the US dollar, followed by a continued 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 roll over from the UAE on January 20. In a recent development 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, except for the recent slight depreciation for five working sessions.
