Pakistani Rupee Continues Upward Journey Against US Dollar

Wed Dec 27 2023
icon-facebook icon-twitter icon-whatsapp

ISLAMABAD: Although slightly, the Pakistani Rupee continued its upward trend for the 11th consecutive recovery session as on Wednesday it further gained 17 paisa against the US Dollar in the interbank trading to settle at Rs282.20 against Rs282.37 last day, reported by State Bank of Pakistan.

Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market also witnessed a slight change to settle at Rs282 and Rs284.5 for selling and buying, respectively.

Unlike the US Dollar, the price of the Euro went up against the local currency by 33 paisa to settle at Rs311.60 against Rs311.27 last day.

However, the Japanese Yen decreased by 01 paisa and closed at Rs1.97, while the British Pound recorded a decrease of 78 paisa to settle at Rs359.26 compared to Rs358.48 on Tuesday.

The price of the Emirates Dirham and the Saudi Riyal went down by 04 and 03 paisa to settle at Rs 76.84 and Rs75.24, respectively.

Successive Gain of Pakistani Rupee

The local currency witnessed fluctuation during the last couple of months. From September 6 till the middle of October 2023, the Pakistani Rupee enjoyed improvement for a record 28 consecutive sessions against the greenback, followed by depreciation for 17th consecutive sessions from October to November 15.

However, from November 16, the local currency observed mostly improvement with slight depreciation for just three consecutive days, which was turned around at the end of November and still floating in the same upward zone.

icon-facebook icon-twitter icon-whatsapp