ISLAMABAD: After witnessing a steady status last day, the Pakistani Rupee on Friday resumed its upward momentum while gaining 07 paisa against the American Dollar in the interbank trading and closed at Rs279.59 compared to Rs279.66 last day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market also experienced slight changes in favour of the local unit and traded at Rs279.1 and Rs281.3 respectively.
Like the greenback. the price of the Euro went down by Rs 2.01 to settle at Rs302.46 compared to Rs304.47 last day, according to the State Bank of Pakistan (SBP).
However, the Japanese Yen remained constant at Rs1.89, whereas the British Pound witnessed a fall of Rs1.20 to close at Rs354.62 against Rs355.82 on Thursday.
The price of the Emirates Dirham and the Saudi Riyal went down by 02 paisa each to close at Rs76.12 and Rs74.55 respectively.
Appreciation of Pak Rupee
The local currency swung both way against other international currencies during last couple of months with a recent continues improvement. From September last, till middle of October 2023, the local unit witnessed appreciation for record 28 consecutive sessions against the US dollar, followed by continues decline for 17th consecutive sessions from October till middle of November, 2023.
However, at the end of December and in January, the Pakistani rupee mostly observed appreciation against the US dollar, thanks to the recent inflow from the IMF in form of Rs700m followed by a $2b roll over from the UAE last week. As a result, the local currency appreciated by over Rs 5 in the interbank during last three to four weeks.
