ISLAMABAD: After observing a slight depreciation of Rs 0.51 in the last three working days, the Pakistani Rupee resumed its upward trend as on Tuesday, the local currency gained 12 paisa against the American Dollar in the interbank trading and closed at Rs 285.52 against Rs 285.64 last day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRatefor todayhttps://t.co/6N1tm9NQMy#SBPExchangeRate pic.twitter.com/9SK0fKwraQ
— SBP (@StateBank_Pak) November 28, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market remained stable and stood at Rs 285.7 and Rs 288.5 respectively.
Like the greenback, the value of the Euro also went down by 33 paisa to close at Rs312.39 compared to Rs312.72 last day, according to SBP.
The Japanese Yen went up by just one paisa to close at Rs1.92, whereas the British Pound witnessed an increase of 08 paisa in the exchange rate to settle at Rs360.33 as compared to Rs360.25 on Monday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went down by 04 and 03 paisa to close at Rs76.12 and Rs77.74, respectively.
Fluctuation in Pakistani Rupee
The local currency observed continuous fluctuation during the last couple of months. From September 6 till the middle of October 2023, the Pakistani Rupee appreciated for 28 consecutive sessions followed by depreciation for 17th consecutive sessions from October till November 15.
Later, starting November 16, the local currency bounced back and appreciated for five consecutive days till the 22nd of this month. Later, last Thursday, the local currency against the US dollar went down by 51 paisa in three consecutive sessions. However, on Tuesday, the local currency ended its downward trend quickly and improved a bit. Experts believe further improvement in the coming days. They believe the recent continued appreciation occurred due to the successful meeting about the second tranche of the $3 billion Stand-By Agreement with the IMF which is expected in first week of December.
