ISLAMABAD: After observing a slight decline of Rs0.21 the previous day, the Pakistani Rupee on Wednesday witnessed a slight gain of Rs 0.07 against the American dollar in interbank trading, closing at Rs279.49 compared to Rs279.56 the previous day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying rate of the greenback in the open market settled at Rs279.75, while the selling rate stood at Rs282.30.
In contrast to the US dollar, the price of the Euro increased by 82 paisa to close at Rs302.06 compared to Rs301.24 the previous day.
The Japanese Yen remained relatively stable, gaining just 01 paisa to settle at Rs1.86, while the British Pound observed an increase of 74 paisa, closing at Rs352.68 against the previous day’s rate of Rs351.94. The Emirates Dirham and the Saudi Riyal each decreased by 02 paisa, closing at Rs76.09 and Rs74.52, respectively.
Value of Pak Rupee Against Dollar
The Pakistani currency oscillated both ways against the American dollar over the last couple of months, with recent continuous improvement. From September to the middle of October 2023, the local unit recorded appreciation for a record 28 consecutive sessions against the American dollar, followed by continuous decline for 17 consecutive sessions from October to the middle of November 2023.
However, at the end of December 2023 and then in January 2024, the Pakistani Rupee mostly witnessed improvement against the American dollar, attributed to the influx of Rs700 million from the IMF and a $2 billion rollover from the UAE the previous month. As a result, the local currency improved by over Rs 5 in interbank trading during the last three to four weeks.”
