ISLAMABAD: After witnessing a loss for three consecutive days, the Pakistani rupee after bouncing back on Tuesday, registered gains on Thursday against the US dollar in the interbank for the third consecutive session. According to State Bank of Pakistan (SBP), at close the local currency settled at Rs 285.17 with an increase of Rs 0.22 against its last day value of Rs 285.39.
Interbank closing #ExchangeRate for todayhttps://t.co/NkmZkJNlx7#SBPExchangeRate pic.twitter.com/PnbmzN9vGX
— SBP (@StateBank_Pak) November 30, 2023
Meanwhile, according to reports received from the open market the local currency improved slightly and was traded against dollar in the range of Rs 286.5 for selling and Rs283.5 for buying. Some customers reported that they received dollars at the rate of Rs 287 and were available for sale in the market at Rs284.
Meanwhile, in a major development, the Kingdom of Saudi Arabia (KSA) extended the term for a $3 billion deposit placed with Pakistan to support Pakistan’s economy, SBP said on Wednesday in a statement.
According to the SBP, the Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of $3 billion maturing on December 5, 2023 for another one year.
Pak Rupee Against Other Currencies
Meanwhile, like the greenback, other international currency also depreciated a bit against the local currency in the open market. Price of the Euro went down by Rs 2 to settle at Rs 308. and Rs 311 for buying and selling respectively.
Pak rupee gained 30 paisa against UAE Dirham to close at Rs 77.50 and Rs 78.20 for buying and selling respectively.
Like Dirham, price of Saudi Riyal also went down by 50 paisa for both buying and selling, closing at 75.50 and 76.20, respectively.
Appreciation of Pak Rupee in Recent Months
The Pakistani rupee currency recorded continues appreciation and depreciation during last 2 to 3 months. From September 6 till middle of October 2023, the domestic currency appreciated for 28 consecutive sessions followed by depreciation for 17th consecutive sessions from October till 15th November.
From November 16th the local currency bounced back and got appreciation for five consecutive days till 22nd of this month. Again, from 23rd November, the local currency against US dollar went down by 51 paisa in three consecutive sessions. However, on Tuesday, the local currency ended its downward trend quickly and improved for the last three days. Market Experts believe further improvement in coming days. They believe the recent continues appreciation occurred due to the successful meeting about the second tranche of the $3 billion Stand-By Agreement with the IMF which is expected in first week of December.
