ISLAMABAD: After a slight appreciation of over Rs 35 paisa for the last two days, the Pakistani Rupee on Friday extended its gain further by 03 paisa against the American dollar in the interbank trading to settle at Rs278.74 against Rs278.77 last day.
However, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market recorded at Rs 278.8 and Rs 281.5, respectively.
Like the greenback, the price of the Euro against the local unit also went down by Rs1.57 to settle at Rs 303.32 as compared to Rs 304.89, according to the State Bank of Pakistan (SBP).
The Japanese Yen decreased by 01 paisa to settle at Rs1.87, whereas the British Pound witnessed a decline of Rs1.79 to settle at Rs355.17 against Rs356.96 on Thursday.
Meanwhile, the Emirates Dirham remained constant at Rs 75.89 while the price of Saudi Riyal went down by 01 paisa and closed at Rs 74.32.
Pak Rupee Against American Dollar
The local currency oscillated both way against the US dollar during last couple of months with recent continues upward flow. From September last, till middle of October 2023, the local unit recorded improvement for record 28 consecutive sessions against the American dollar, followed by continues decline for 17th consecutive sessions from October till middle of November, 2023.
However, at the end of December 2023, and then in January 2024, the Pakistani currency mostly observed 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 addition, on 29th February, China also rolled over $2b to Pakistan which was due in March 2024. As a result, the local unit improved by over Rs 5 in the interbank during last four to five weeks.
