ISLAMABAD: After depreciating form just 05 paisa last day, the Pakistani Rupee on Tuesday resumed its upward trend and gained by 09 paisa against the American Dollar in the interbank trading to close at Rs279.55 as compared to Rs279.64 on Monday, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/ZdhAVtJByL #SBPExchangeRate pic.twitter.com/7rwoCKFJR5
— SBP (@StateBank_Pak) January 30, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback also observed slight change in favour of the local unit against Dollar in the open market and traded in the level of Rs279.8 and Rs281.5 respectively.
Like the greenback, the price of the Euro went down by 29 paisa to settle at Rs302.68 compared to Rs302.97, while the Japanese Yen remained constant at Rs1.89.
The British Pound witnessed a fall of 54 paisa against the local currency to close at Rs354.85 against Rs355.39 on Monday.
The rates for the Emirates Dirham and the Saudi Riyal went down by 02 paisa each to close at Rs76.11 and Rs74.54 respectively.
Appreciation of Pak Rupee
The local currency swung both way against other international currencies, particularly dollar during last couple of months with a recent continues improvement except Monday. From September last, till middle of October 2023, the local currency experienced appreciation for record 28 consecutive sessions against the American dollar, followed by continues decline for 17th consecutive sessions from October till middle of November, 2023.
However, at the end of December and in the month of January, the local unit mostly witnessed appreciation against the American dollar. As a result, the Pakistani rupee appreciated by over Rs 5 in the interbank during last three to four weeks except a slight decline on Monday.
