ISLAMABAD: After a light gain of Rs0.6 on the last working day, the Pakistani Rupee continued the upward trend with another slight appreciation of Rs0.1 on Monday against the US dollar in the interbank trading and closed at Rs 279.34 against the previous day’s closing of Rs 279.36.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market also observed a slight change and stood at Rs 279.3 and Rs 282.2, respectively.
Unlike the US dollar, the price of the Euro went up by 61 paisa to settle at Rs 301.27 compared to Rs 300.66 on the previous working day.
The Japanese Yen increased by just 01 paisa to close at Rs 1.86, while the British Pound witnessed an increase of Rs 1.30 to settle at Rs 352.70 against Rs 351.40 on Friday.
The price of the Emirates Dirham went down by 01 paisa to settle at Rs 76.05, and the Saudi Riyal remained constant at Rs 74.48.
Appreciation of Pakistani Rupee Against Dollar
The local currency oscillated both ways against the US dollar during the last couple of months with a recent continued appreciation. From September last till the middle of October 2023, the local unit observed improvement for a record 28 consecutive sessions against the greenback, followed by a continuous decline for the 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 recorded improvement against the US Dollar, thanks to the inflow from the IMF in the form of Rs700m followed by a $2b rollover from the UAE a month before. As a result, the local currency improved by over Rs 5 in the interbank during the last three to four weeks.
