ISLAMABAD: After enjoying upward sentiments for the last couple of weeks, the Pakistani Rupee ended its bullish trend with a slight depreciation as on Monday the local unit recorded a devaluation of 05 paisa against the American Dollar in the interbank trading. At close the local unit settled at Rs279.64 compared to Rs279.59 on Friday, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/Q6QyRLMIHB #SBPExchangeRate pic.twitter.com/OzQDd2axFM
— SBP (@StateBank_Pak) January 29, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market also witnessed a slight change and settled at Rs279.5 and Rs281.6 respectively.
Like the greenback, the rates for the Euro against the local currency also went up by 51 paisa to settle at Rs302.97 compared to Rs302.46, on the previous day according to SBP.
However, the Japanese Yen remained constant at Rs1.89, while the British Pound experienced an increase of 77 paisa in the exchange rate to settle at Rs355.39 against the closing of Rs354.62 on Friday.
The price of the Emirates Dirham and the Saudi Riyal went up by 01 paisa each to settle at Rs76.13 and Rs74.56 respectively.
Recent Appreciation of Pak Rupee
The local unit swung both way against other international currencies during last couple of months with a recent continues improvement except Monday. From September last, till middle of October 2023, the local currency enjoyed appreciation for record 28 consecutive sessions against the greenback, followed by continues fall for 17th consecutive sessions from October till middle of November, 2023.
However, at the end of December and in January, the Pakistani currency mostly witnessed appreciation against the American 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 except a slight fall on Monday.
