ISLAMABAD: After a slight appreciation on Wednesday, the Pakistani Rupee continued the slight upward trend on Friday with a gain of 06 paisa against the American Dollar in the interbank trading and closed at Rs 279.28 against the previous closing of Rs 279.34.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market settled at Rs 278.9 and Rs 281.4, respectively.
Unlike the US dollar, the rates for the Euro against the local unit went up by 27 paisa to settle at Rs300.86 against Rs300.59, the previous day, according to SBP.
However, the Japanese Yen observed a loss of 02 paisa to settle at Rs1.86, while the British Pound witnessed a fall of 20 paisa to settle at Rs 352.32 compared to Rs 352.52 on Wednesday.
The price of the Emirates Dirham and the Saudi Riyal went down by 02 paisa and 01 paisa to settle at Rs 76.03 and Rs 74.47 respectively.
Appreciation of Pak Rupee
The local currency swung both way against other international currencies particularly the greenback during last couple of months with a recent continues appreciation. From September last, till middle of October 2023, the Pakistani unit enjoyed improvement for record 28 consecutive sessions against the US dollar, 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 local currency mostly witnessed appreciation against the greenback, thanks to the recent inflow from the IMF in form of Rs700m followed by a $2b roll over from the UAE three weeks before. As a result, the Pakistani currency appreciated by over Rs 5 in the interbank during last two to three weeks.
