ISLAMABAD: After a slight appreciation for the last four working days, the Pakistan Rupee on Tuesday remained stable and unchanged against the American Dollar in the interbank trading and closed at Rs278.63
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market was recorded at Rs278.6 and Rs281.2, respectively.
Unlike the greenback, the rates for the Euro went down against the local unit by Rs1.26 to settle at Rs302.35 against the previous day’s closing of Rs303.51, according to the State Bank of Pakistan (SBP).
The Japanese Yen also witnessed a decline of 01 paisa to settle at Rs1.85, while the British Pound observed a fall of Rs1.22 to settle at Rs353.78 against the last day closing of Rs355.00.
However, the price of the Emirates Dirham and the Saudi Riyal remained unchanged at Rs75.87 and Rs74.29 respectively
Pakistani Rupee Against US Dollar
The local unit swung both ways against the US dollar during the last couple of months with recent continued upward flow. From September last, till the middle of October 2023, the local unit recorded appreciation for a record 28 consecutive sessions against the American 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 Pakistani currency mostly observed 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 improved by over Rs 5 in the interbank during the last four to five weeks.
