ISLAMABAD: Like the last couple of days, the Pakistani Rupee remained either stable or gets slight appreciation as on Friday the local unit remained stable against the American dollar in the interbank trading and constant at Rs277.92, the same figure observed last day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market observed almost same scenario and stood at Rs277.2 and Rs280.25 respectively.
The price of the Euro, however went down by 58 paisa to close at Rs301.16 as compared to the previous day closing of Rs301.74, according to the State Bank of Pakistan (SBP).
Like the last couple of days, the Japanese Yen remained unchanged and settled at Rs1.83, while the British Pound observed a decrease of Rs1.09 and settles at Rs350.87 against Rs351.96 on Thursday.
The price of the Emirates Dirham and Saudi Riyal also remained constant at Rs 75.68 and Rs 74.09, respectively.
Pak Rupee Against American Dollar
The local currency swung both way against the US Dollar during last couple of months with recent continued improvement. From September, till middle of October 2023, the Pakistani currency observed improvement 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 unit mostly enjoyed appreciation against the US dollar, thanks to the inflow from the IMF (International Monetary Fund) 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 Pakistani Rupee appreciated by over Rs 7 in the interbank during last five to six weeks.
In another major development on 20th March (Wednesday) Pakistan and the IMF reached the staff-level agreement over the final review of the $3 billion Standby-By Agreement, adding some relief for boosting of the local currency and country economy. However, the nation must be ready for further increase in prices and inflation in the country as the new IMF agreement is likely to be conditioned with further taxation.
