ISLAMABAD: After appreciation by Rs 0.16 during last two days, the Rupee on Friday witnessed a slight depreciation by 08 paisa against the American dollar in the interbank trading to settle at Rs 279.19 as compared to Rs 279.11 the previous day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market also observed slight change and stood at Rs 279.4 and Rs 282.3, respectively.
Unlike the greenback, the price of the Euro went down by 36 paisa to settle at Rs 302.05 compared to Rs 302.41 last day, according to the State Bank of Pakistan (SBP).
The Japanese Yen also decreased by 01 paisa to settle at Rs185, while the British Pound observed a decline by 37 paisa against the local unit to settle at Rs 352.87 compared to Rs 353.24 on Thursday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 02 paisa each to close at Rs 74.44 and Rs 76.01 and respectively.
Pak Rupee Against US Dollar
The local currency swung both way against the US dollar during last couple of months with a recent continues upward sentiments. From September last, till middle of October 2023, the local unit witnessed appreciated for record 28 consecutive sessions against the greenback, followed by continues decrease for 17th consecutive sessions from October till middle of November, 2023.
However, at the end of December 2023, and then in January 2024, the local currency mostly enjoyed appreciation against the greenback, thanks to the inflow from the IMF in form of Rs700m followed by a $2b roll over from the UAE on January 20. In a fresh development on Thursday, China also rolled over $2b to Pakistan which was due in March 2024. As a result, the local currency improved by over Rs 5 in the interbank during last four to five weeks.
