ISLAMABAD: Although a slight but uninterrupted appreciation of the Pak Rupee continued for the last couple of weeks (except a minor fall for two days), on Wednesday, the local unit gained 4 paisa further against the US Dollar in the interbank trading. At close, the local currency settled at Rs 279.50 against Rs 279.55 on the last day, as reported by the State Bank of Pakistan )SBP).
Interbank closing #ExchangeRate for today https://t.co/KKgskXRHRj#SBPExchangeRate pic.twitter.com/qqMWZ6eCQl
— SBP (@StateBank_Pak) January 31, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market was settled at Rs 279.8 and Rs 281.5 respectively.
Like the US dollar, the price of the Euro also witnessed a decline and went down by 35 paisa to close at Rs 302.33 compared to Rs 302.68 on the last day, according to SBP.
However, like the previous day, the Japanese Yen remained constant at Rs 1.89, while the British Pound witnessed a decline of 59 paisa to close at Rs 354.26 against Rs 354.85 last day.
The price of the Emirates Dirham and the Saudi Riyal went down by 02 paisa each to settle at Rs 76.09 and Rs 74.52, respectively.
Recent Appreciation of Pakistani Rupee
Pakistani currency swung both ways against other international currencies, including the dollar, during the last couple of months with a recent continuous appreciation except last Monday. From September last till the middle of October 2023, the local currency enjoyed appreciation for a record 28 consecutive sessions against the American dollar, followed by a continued decline for the 17th consecutive session from October till the middle of November 2023.
However, at the end of December and in January, the local unit mostly enjoyed appreciation against the greenback, 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 currency appreciated by over Rs 5 in the interbank during the last three to four weeks, except for a slight fall on Monday.
