ISLAMABAD: After a long weekend, the Pakistani Rupee remained stable on Tuesday while losing just Rs0.1 paisa against the US dollar in the interbank trading and settled at Rs 279.42 against Rs 279.41 on the previous working day, reported by the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/gsg1fQ5AIM#SBPExchangeRate pic.twitter.com/rR6sYP9Yzo
— SBP (@StateBank_Pak) February 6, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market received almost the same treatment and stood at Rs 280.5 and Rs 282 respectively.
Apart from the greenback, the Euro rates went down by Rs.3.61 paisa to settle at Rs300.48 against Rs304.09 on Friday, according to the SBP.
The Japanese Yen lost 02 paisa to close at Rs1.88, while the British Pound witnessed a decline of Rs5.56 to settle at Rs 350.89 as compared to Rs 356.45 on Friday.
The price of the Emirates Dirham and the Saudi Riyal went up by 01 paisa each to settle at Rs 76.07 and Rs 74.51, respectively.
Pakistani Rupee Upward Trend
Pakistani currency fluctuated both ways against other international currencies, particularly the greenback during the last couple of months, with a recent continued appreciation except Tuesday. From September last till the middle of October 2023, the local unit enjoyed appreciation for a record 28 consecutive sessions against the US dollar, followed by a continued fall for the 17th consecutive sessions from October till the middle of November 2023.
However, at the end of December and in January, the Pakistani Rupee mostly experienced appreciation against the dollar, thanks to the recent inflow from the IMF in the form of Rs700m, followed by a $2b rollover from the UAE two weeks before. As a result, the local unit improved by over Rs 5 in the interbank during the last two to three weeks.
