ISLAMABAD: After a slight depreciation for the last few days, the Pakistani Rupee on Wednesday observed a minimal appreciation of 29 paisa against the American dollar in the interbank trading and closed at Rs 278.78 against Rs 279.07 the previous day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market stood at Rs 278.8 and Rs 281.5, respectively.
The rates for the Euro also witnessed a decline and went down by 98 paisa against the local unit to settle at Rs 304.47 as compared to Rs 305.45 last day, according to the State Bank of Pakistan (SBP).
The Japanese Yen decreased by 02 paisa to settle at whereas the British Pound recorded a decrease of Rs 1.85 to close at Rs 356.66 against the last day stand of Rs 358.51.
The price of the Emirates Dirham and the Saudi Riyal went down by 08 paisa and 07 paisa to settle at Rs 75.90 and Rs 74.33 respectively.
Pakistani Rupee Against American Dollar
The local currency has swung both ways against the American 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 improvement for a record 28 consecutive sessions against the US dollar, followed by a continues decline 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 witnessed 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 currency 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.
