ISLAMABAD: Beside a slight depreciation of just Rs 0.1 on Tuesday, the Pakistani Rupee continued its upward momentum for the last 13th consecutive day as on Friday the local currency witnessed further appreciation of 08 paisa against the American Dollar in the interbank trading to settle at Rs 279.90 compared to Rs279.98 last day, according to State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/ICS2Ha1zYv#SBPExchangeRate pic.twitter.com/WaudXcoIZd
— SBP (@StateBank_Pak) January 19, 2024
Meanwhile, in the international market, the US dollar witnessed improvement during the week over the news of rate cut, signs of resilience in the US economy etc, however still the local unit against the greenback remained stable.
The local currency remained stable with slight fall in the open market. Against the greenback, the local unit lost 47.00 paisa for buying and 23.00 paisa for selling in the open market and settled at Rs278.82 and Rs280.98, respectively.
The Euro went up by 21.00 paisa for buying and 19.00 paisa for selling to close at Rs303.25 and Rs306.17, respectively.
The price of the local currency also went down against UAE Dirham by 11 paisa for buying and 12 paisa for selling to close at Rs76.18 and 76.91, respectively.
The Saudi Riyal went up against the local unit by 8.00 paisa for buying and 7.00 paisa for selling, to close Rs74.33 and Rs75.00, respectively.
Appreciation of Pak Rupee
The Pakistan Unit swung both way during last couple of months with a recent continues improvement. From September last, till middle of October 2023, the local currency went up for record 28 consecutive sessions against the greenback, followed by continues decline for 17th consecutive sessions from October till middle of November, 2023.
However, at the end of December and then in January, the local currency mostly observed appreciation against the American dollar as during last couple of weeks, the local unit appreciated by over Rs 5 in the interbank.
