ISLAMABAD: Although slight, but the upward trend continued by the Pakistani Rupee on the 6th consecutive recovery session as on Tuesday the local currency improved by 20 paisa against the US Dollar in the interbank trading and closed at Rs283.01 against Rs283.21 the previous day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/scioByZPIM#SBPExchangeRate pic.twitter.com/MaaXQKRvKm
— SBP (@StateBank_Pak) December 19, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market also observed slight change and settled at Rs283.5 and Rs286.2 respectively.
Like the greenback, the price of the Euro also went down by 05 paisa to settle at Rs309.30 against Rs309.35 the previous day, according to SBP.
The Japanese Yen decreased by 02 paisa and settled at Rs1.96, whereas the British Pound recorded a decrease of Rs1.04 in the exchange rate to settle at Rs358.49 compared to Rs359.53 on Monday.
Like other international currencies the price of the Emirates Dirham and the Saudi Riyal also went down by 05 paisa each to close at Rs77.06 and Rs75.44 respectively.
Value of Rupee During Last Few Months
The Pakistani currency witnessed fluctuated appreciation and depreciation during the last couple of months. From September 6 till the middle of October 2023, the domestic currency improved for 28 consecutive sessions against the greenback, followed by a downfall for 17th consecutive sessions from October till November 15.
Later, from November 16, the Pak Rupee appreciated for five consecutive days till 22nd November. The local currency observed another slight decrease against the American dollar went down by 51 paisa in three consecutive sessions. However, at the end of November, the Pakistani Rupee ended its downward movement and resumed improvement. Market experts believe the recent appreciation happened due to last month meeting about the second instalment of the $3 billion Stand-By Agreement with the IMF, which would be followed by the executive board meeting of the IMF nest month.
