ISLAMABAD: The slow and steady appreciation of the Pakistani Rupee continued for almost the last 16 consecutive day (except one day fall by 0.1 paisa) as on Wednesday the local unit witnessed an appreciation of 12 paisa further against the US Dollar in the interbank trading to settle at Rs279.67 against Rs279.79 last day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/ON0dgskXvn#SBPExchangeRate pic.twitter.com/Rz5HsVfgPP
— SBP (@StateBank_Pak) January 24, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the American Dollar in the open market also observed slight change in favour of the local unit and traded at the level of Rs278.9 and Rs280.9 respectively.
Like the greenback, the rates for the Euro against Pakistani rupee went down by 83 paisa to settle at Rs304.20 against Rs305.03 on the previous day according to SBP.
However, the Japanese Yen remained constant at Rs1.89, whereas the British Pound went down by 71 paisa to close at Rs355.63 compared to Rs356.34 on Tuesday.
Meanwhile, the price of the Emirates Dirham and the Saudi Riyal also went down by 03 paisa each to close at Rs76.14 and Rs74.57 respectively.
Appreciation of Pak Rupee
The Pakistan rupee swung both way against other international units during last couple of months with a recent continues improvement. From September last, till middle of October 2023, the Pakistani rupee observed 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 and then in January, the local unit mostly observed appreciation against the American dollar, thanks to the recent inflow from the IMF in form of Rs700m followed by a $2b roll over from the UAE last week. As a result, the local unit appreciated by over Rs 5 in the interbank during last couple of weeks.
