ISLAMABAD: After slight, but continuous appreciation for the last six working days, the Pakistani Rupee continued the upward trend on Wednesday while getting 23 paisa further against the American dollar in the interbank trading to settle at Rs278.40 against the last day closing of Rs278.63.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price for the greenback in the open market settled at Rs278.7 and Rs281.45, respectively.
However, the rates for the Euro remained unchanged at Rs302.35, according to the State Bank of Pakistan (SBP).
While the Japanese Yen decreased by 02 paisa to settle at Rs1.83 and the British Pound witnessed an increase of 02 paisa against the local unit and settled at Rs353.80 against Rs353.78 on Wednesday.
The rates for the Emirates Dirham and Saudi Riyal went down by 06 paisa each to close at Rs75.81 and Rs74.23.
Pakistani Rupee Against US Dollar
The local currency oscillated both ways against the American dollar during the last couple of months with recent continued upward flow. From September last, till the middle of October 2023, the local unit witnessed appreciation for a record 28 consecutive sessions against the American dollar, followed by a continuous 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 Pakistani Rupee mostly enjoyed improvement against the greenback, thanks to the inflow from the IMF (International Monetary Fund)
in the form of Rs700m followed by a $2b roll over 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 improved by over Rs 5 in the interbank during the last four to five weeks.
In another major development On 20th March (Wednesday) Pakistan and the IMF reached a staff-level agreement over the final review of the $3 billion Standby-By Agreement which added another good sign for boosting the local currency and the country’s economy.
