ISLAMABAD: Appreciation, depreciation, and vice-versa, the Pakistani Rupee, after witnessing a consecutive appreciation for 5 session, started depreciation for the 2nd consecutive day, as on Friday, the local currency recorded devaluation of 10 paisa against the American Dollar in the interbank trading and closed at Rs 285.37 against Rs 285.27, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/nT0SqHnOwF#SBPExchangeRate pic.twitter.com/Ff2mRQgloA
— SBP (@StateBank_Pak) November 24, 2023
The previous day, the local currency was down by 14 paisa against the greenback.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market observed a slight change and witnessed Rs 284.1 and Rs 286.9 against the last day value of Rs283.50 and Rs286.50 respectively.
Like the greenback, the price of the Euro also observed an increase by 09 paisa to settle at Rs 311.31 compared to Rs 311.22 last day, according to SBP.
However, unlike the previous day, the Japanese Yen went down slightly by one paisa to close at Rs 1.90, while the British pound recorded an increase of Rs1.43 in the exchange rate to settle at Rs 358.19 against Rs 356.76 on Thursday.
The price of the Saudi Riyal and the Emirates Dirham also went up by 03 paisa each to close at Rs 76.08 and Rs 77.70, respectively.
Fluctuation in Value of Pakistani Rupee
The Pakistani Rupee witnessed fluctuating effects during the last couple of months. From September 6 till the middle of October 2023, the local currency appreciated for 28 consecutive sessions followed by continued depreciation for 17th consecutive sessions from October till November 15.
Later, starting November 16, the local currency bounced back and appreciated for five consecutive days till the 22nd of this month. However, since last Thursday, the local currency against the US dollar has gone down by 24 paisa. Despite a slight depreciation for the last 2 days, experts believe the recent appreciation occurred due to the successful meeting about the second tranche of the $3 billion Stand-By Agreement with the IMF, which is expected in the first week of December.
