Pakistani Rupee Declines Slightly Against US Dollar

Mon Feb 12 2024
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ISLAMABAD: After a mild appreciation last week, the Pakistani Rupee on Monday witnessed a slight depreciation by 05 paisa against the American Dollar in the interbank trading to settle at Rs 279.33 against the closing of Rs 279.28 on Friday, reported by the State Bank of Pakistan (SBP).

Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market settled at Rs 280 and Rs 282, respectively.

Like the US dollar, the rates for the Euro against the local unit also went up by 78 paisa to settle at Rs301.64 as compared to Rs300.86 the previous day, according to SBP.

The Japanese Yen witnessed an increase of 01 paisa to settle at Rs1.87, whereas the British Pound observed an increase of 86 paisa to close at Rs 353.18 compared to Rs 352.32 on Friday.

The price of the Emirates Dirham and the Saudi Riyal went up by 02 paisa and 01 paisa to settle at Rs 76.05 and Rs 74.48, respectively.

Appreciation of Pakistani Rupee

The local currency swung both ways against other international currencies, particularly the US Dollar, during the last couple of months with a recent continued appreciation except Monday. From September last till the middle of October 2023, the Pakistani rupee appreciated for a record 28 consecutive sessions against the US dollar, followed by a continuous decline for 17th consecutive sessions from October till the middle of November 2023. 

However, at the end of December 2023, and then in January 2024, the local unit mostly observed appreciation against the US Dollar, thanks to the inflow from the IMF in the form of Rs700m followed by a $2b rollover from the UAE three weeks before. As a result, the Pakistani currency appreciated by over Rs 5 in the interbank during the last three to four weeks.

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