ISLAMABAD: Pakistani Rupee continued its upward trend for the seventh consecutive recovery session as on Wednesday, the local currency witnessed further gain by 11 paisa against the US Dollar in the interbank trading to settle at Rs282.90 against Rs283.01 last day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/ZH5R1YDIsi#SBPExchangeRate pic.twitter.com/GHP8BYZ4oP
— SBP (@StateBank_Pak) December 20, 2023
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market remained stable without a significant change and settled at Rs283.6 and Rs286.3 respectively.
Unlike the US dollar, the price of the Euro went up by 95 paisa to close at Rs310.25 compared to Rs 309.30 the previous day, as per details received from the SBP.
The Japanese Yen also recorded an increase of 1 paisa and closed at Rs1.97, while the British pound witnessed a decrease of 29 paisa to settle at Rs358.20 compared to Rs358.49 on Tuesday.
Like the British Pound, the price of the Emirates Dirham and the Saudi Riyal also went down by 04 and 05 paisa to settle at Rs77.02 and Rs75.39, respectively.
Value of Pak Rupee in Recent Months
The Pakistani currency witnessed fluctuation against the greenback 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 US dollar, followed by a downfall for 17th consecutive sessions from October till November 15.
From November 16, the local currency got appreciation for five consecutive days till November 22, followed by a slight decrease for 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’s meeting about the second installment of the $3 billion Stand-By Agreement with the IMF, which would be followed by the executive board meeting of the IMF on January 11, 2024.
