Pakistani Rupee Down by 08 Paisa Against US Dollar in Interbank Trading

Wed May 15 2024
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ISLAMABAD: The Pakistani Rupee on registered a slight depreciation by 08 paisa against the US Dollar in the interbank trading on Wednesday to settle at Rs278.26 against the last day closing at Rs 278.18.

Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market settled at Rs 277.25 and Rs 279.80 respectively.

Like the US dollar, the price of the Euro also went up by Rs.1.31 against the local currency to close at Rs 301.24 as compared to Rs 299.93, the previous day according to the State Bank of Pakistan (SBP).

The Japanese Yen increased by 01 paisa to settle at Rs 1.78, while the British Pound witnessed an increase of Rs1.89 against the local unit to close at Rs350.44 against the previous day’s closing of Rs348.55.

The price of the Emirates Dirham and Saudi Riyal went up by 02 paisa each to settle at Rs75.75 and Rs74.19 respectively.

Pakistani Rupee Against US Dollar

Recently the local unit registered both appreciation and depreciation, against the US dollar with recent continuous improvement. From September, till the middle of October 2023, the local currency recorded appreciation for a record 28 consecutive sessions against the American dollar, followed by a continuous fall 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 Pakistani Rupee mostly witnessed improvement against the greenback amid the inflow from the IMF followed by a $2b rollover each from the UAE (January) and China (February). As a result, the Pakistani rupee appreciated by over Rs7 in the interbank during the last two to three months.

In another recent development, Pakistan received $1.1 billion from the International Monetary Fund (IMF) as a final tranche of the $3 billion Stand-By Arrangement (SBA), on April 30. Pakistan is now flexing muscles to obtain a longer program from the IMF to further overcome the economic quagmire. However, the expected program might be followed by inflation and price hikes amid tough conditions from the lending body in the shape of further taxation.

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