ISLAMABAD: After witnessing a slight depreciation of Rs 0.6 last day, the Pakistan Rupee on Friday recorded a slight gain of 02 paisa against the American Dollar in the interbank trading to settle at Rs 279.36 against the previous day stand of Rs279.38, as reported by State Bank of Pakistan (SBP).
However, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market stood at Rs 279.15 and Rs 281.95, respectively.
Unlike the greenback, the rates for the Euro against the local unit went up by 81 paisa to settle at Rs300.66 against the previous day’s closing of Rs299.85, according to SBP.
The Japanese Yen went down by 01 paisa to settle at Rs1.85, while the British Pound observed an increase of 90 paisa to settle at Rs351.40 compared to Rs350.50 on Thursday.
The price of the Emirates Dirham remained constant at Rs76.06 whereas that of Saudi Riyal went down by 01 paisa to settle at Rs74.48.
Appreciation of Pak Rupee Against Dollar
The local unit oscillated both way against the US dollar during last couple of months with a recent continues appreciation. From September last, till middle of October 2023, the local currency observed 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 2023, and then in January 2024, the Pakistani rupee mostly recorded improvement against the American, thanks to the inflow from the IMF in form of Rs700m followed by a $2b roll over from the UAE four weeks before. As a result, the local currency appreciated by over Rs 5 in the interbank during last three to four weeks.
