ISLAMABAD: After losing just 0.1 paisa last day, the Pakistani Rupee resumed its upward trend against the US dollar on Wednesday as the local unit gained 08 paisa in the interbank trading and closed at Rs 279.34 as compared to Rs 279.42 last day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/35iQpaOTev#SBPExchangeRate pic.twitter.com/YtDsKSZBZS
— SBP (@StateBank_Pak) February 7, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the American dollar in the open market received the same treatment and stood at Rs 279 and Rs 281.5 respectively.
Unlike the greenback, rates for the Euro went up by 11 paisa to settle at Rs300.59 against the previous day closing of Rs300.48, according to the SBP.
However, like the last day, the Japanese Yen remained constant at Rs1.88, while the British pound witnessed an increase of Rs1.63 to settle at Rs 352.52 against the last day closing of Rs 350.89.
The price of the Emirates Dirham and the Saudi Riyal went down by 02 paisa and 03 paisa to settle at Rs 76.05 and Rs 74.48 respectively.
Pakistani Rupee Upward Trend
The local unit fluctuated both ways against other international currencies, particularly the US dollar, during the last couple of months with a recent continued appreciation except Tuesday. From September last till the middle of October 2023, the local currency enjoyed appreciation for a record 28 consecutive sessions against the US dollar, followed by a continued decline for the 17th consecutive sessions from October till the middle of November 2023.
However, at the end of December 2023 and in January 2024, the local unit mostly witnessed 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 three weeks before. As a result, the Pakistani Rupee improved by over Rs 5 in the interbank during the last two to three weeks.
