ISLAMABAD: The slight but consistent appreciation of the Pakistani Rupee continued for the 13th consecutive session as on Friday the local currency witnessed a gain by 07 paisa against the American Dollar in the interbank trading to settle at Rs 281.86 against Rs 281.93 last day, reported by State Bank of Pakistan (SBP). As the last working day of the year 2023 the local currency closed the journey with appreciation.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market also experienced minor change and settled at Rs 281.4 and Rs 284 respectively.
Like the US dollar, the price of the Euro also went down by Rs 1.98 to settle at Rs 311.49 against the previous day closing of Rs 313.47.
The Japanese went down by 02 paisa and was traded at Rs1.98, whereas the British Pound observed a decrease of Rs 2.81 in the exchange rate to settle at Rs 358.59 compared to Rs 361.40 on Thursday.
The price of the Emirates Dirham and the Saudi Riyal went down by 02 and 01 paisa to settle at Rs 76.74 and Rs 75.16 respectively.
Appreciation of Pak Rupee
The local currency witnessed fluctuation during the last couple of months. From September 6 till middle of October 2023, the Pakistani Rupee observed improvement for record 28 consecutive sessions against the American Dollar, followed by continues decline for 17th consecutive sessions from October till November 15.
However, from November 16, the local currency witnessed mostly improvement with slight depreciation for just three consecutive days, that was turned around at the end of November and still floating in the same upward trend.