Pak Rupee Up Slightly Against US Dollar

Thu Feb 22 2024
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ISLAMABAD: After a slight appreciation of Rs0.7 last day, the Pakistani rupee witnessed a further increase of Rs0.17 (0.06%) against the US dollar in the interbank market on Thursday, settling at Rs 279.33 compared to Rs 279.50 the day before, as reported by the State Bank of Pakistan (SBP).

Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling prices of the greenback in the open market were recorded at Rs 279.5 and Rs 282.3, respectively.

In contrast to the greenback, the price of the Euro rose by Rs 1.3, closing at Rs 303.36 compared to the previous day’s Rs.302.06, according to SBP.

The Japanese Yen, however, remained stable at Rs 1.86, while the British Pound saw an increase of Rs 1.7 paisa to close at Rs 354.38, compared to Rs 352.68 on Wednesday.

The prices of the Emirates Dirham and the Saudi Riyal decreased by 5 paisa each, settling at Rs 76.04 and Rs 74.47, respectively.

Pak Rupee Against Dollar

The Pakistani currency has experienced fluctuations against the US dollar in recent months, with a recent trend of improvement. From September to the middle of October 2023, the local currency saw improvement for a record 28 consecutive sessions against the greenback, followed by a continuous decline for 17 consecutive sessions from October to the middle of November 2023.

However, at the end of December 2023 and in January 2024, the Pakistani Rupee mostly appreciated against the American dollar, attributed to inflows from the IMF amounting to Rs 700 million followed by a $2 billion roll-over from the UAE a month earlier. Consequently, the Pakistani rupee strengthened by over Rs 5 in the interbank market over the last three to four weeks.End


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