Pak Rupee Gains Against US Dollar for 9th Consecutive Session

Fri Dec 22 2023
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ISLAMABAD: Slight improvement in the value of Pakistani Rupee continued for the 9th consecutive recovery session as on Friday, the local currency gained 26 paisa against the US Dollar in the interbank trading to settle at Rs282.53 against Rs282.79 last day, reported by State Bank of Pakistan (SBP).

Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the American Dollar in the open market also observed slight change and stood at Rs282.5 and Rs285 respectively.

Unlike the US dollar. the price of the Euro went up by Rs1.24 to settle at Rs310.80 compared to Rs 309.56, last day, according to the SBP.

However, the Japanese Yen decreased by 01 paisa and closed at Rs1.98, while the British Pound observed an increase of Rs1.24 in the exchange rate to settle at Rs358.65 compared to Rs357.41 on Thursday.

Like the greenback, the price of the Emirates Dirham and the Saudi Riyal went down by 06 and 07 paisa to settle at Rs76.93 and Rs75.31 respectively.

Fluctuation in Value of Pak Rupee

The Pakistani Rupee witnessed fluctuation during the last couple of months. From September 6 till the middle of October 2023, the domestic currency observed appreciation for record 28 consecutive sessions against the US dollar, followed by depreciation for 17th consecutive sessions from October till November 15.

Later, from November 16, the local currency improved for five consecutive days till 22nd November followed by a slight decline against the greenback for three consecutive sessions. However, at the end of November, the Pakistani Rupee ended its downward movement and resumed improvement. Market experts believe the recent appreciation occurred due to last month meeting about the second instalment of the $3 billion Stand-By Agreement with the IMF, which would be followed by the executive board meeting of the IMF next month.

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