ISLAMABAD: Despite a major improvement of the US dollar against other international currencies, the Pakistani rupee remained stable with a slight depreciation of Rs 0.1 in the interbank. At close, the Pakistani rupee settled against the greenback at Rs 280.25 on Tuesday as compared to Rs 280.24 last day, as reported by State Bank of Pakistan (SBP),
Interbank closing #ExchangeRate for todayhttps://t.co/fSwL106WGO#SBPExchangeRate pic.twitter.com/SicQqcbBRg
— SBP (@StateBank_Pak) January 16, 2024
Despite the local unit dropping marginally, it ended the 9th consecutive upward trend where the local currency appreciated more than Rs 4 in the interbank.
Meanwhile, on the International level, the American dollar witnessed a significant improvement on Tuesday as investors pared back bets on near-term rate cuts by the US Federal Reserve following aggressive comments from European Central Bank officials along with concerns of further attacks on ships in the Red Sea weighed on risk sentiment.
Appreciation of Pakistani Rupee
The local unit moved both ways during the last two to three months with a recent continued improvement. From September last till the middle of October 2023, the Pakistani rupee appreciated for a record 28 consecutive sessions against the US Dollar, followed by a continued fall for the 17th consecutive session from October till November 15.
During the last two weeks, the local currency improved for over Rs 4 in the interbank against the American Dollar with a 9th consecutive upward session till it lost just Rs0.1 on Tuesday.
