ISLAMABAD: Although steady but the Pakistani Rupee continued its recovery against the US dollar on the 8th consecutive session as on Thursday, the local currency gained 12 paisa against the American dollar in the interbank trading to settle at Rs282.78 against Rs 282.90 last day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market also met almost the same treatment with a little improvement of the local currency to trade at Rs282.5 and Rs285 respectively.
Like the greenback, the price of the Euro also went down by 69 paisa to settle at Rs309.56 against Rs310.25, as per details released by SBP.
However, the Japanese Yen observed no change and closed at Rs1.97, while the British Pound witnessed a decrease of 79 paisa in the exchange rate to settle at Rs357.41 compared to Rs358.20 on Wednesday.
The price of the Saudi Riyal and the Emirates Dirham also went down by 01 and 03 paisa to close at Rs75.38 and Rs76.99 respectively.
Value of Pak Rupee During Recent Months
The Pakistani Rupee observed fluctuation during the last couple of months. From September 6 till the middle of October 2023, the local currency observed improvement for record 28 consecutive sessions against the greenback, followed by a downfall for 17th consecutive sessions from October till November 15.
Later, from November 16, the domestic currency appreciated for five consecutive days till 22nd November followed by a slight decrease against the American dollar for three consecutive sessions. However, at the end of November, the Pakistani Rupee ended its downward movement and resumed improvement. Market experts believe the recent appreciation happened due to last month meeting about the second instalment of the $3 billion Stand-By Agreement with the IMF, which would be followed by the executive board meeting of the IMF next month.
