ISLAMABAD: After observing a minor decline of 3 paisa last day, the Pakistani Rupee resumed its upward trend again and gained 12 paisa on Tuesday against the American Dollar in the interbank trading and closed at Rs283.78 compared to Rs283.90 on Monday, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/GfdFacDs8c#SBPExchangeRate pic.twitter.com/piEQ9CVyns
— SBP (@StateBank_Pak) December 12, 2023
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar witnessed no change and remained constant in the open market at Rs283.9 and Rs286 respectively.
Unlike the greenback, the price of the Euro went up by 45 paisa to settle at Rs 305.81 against Rs305.36 last day as per reports of the SBP.
The Japanese Yen increased by 02 paisa to close at Rs1.95, while the British Pound witnessed an increase of 85 paisa to settle at Rs356.68 as compared to Rs355.83 on Monday. The price of the Emirates Dirham and the Saudi Riyal also went down by 04 and 03 paisa to settle at Rs77.27 and Rs75.66, respectively.
Pakistani Rupee in Recent Months
The Pakistani Rupee observed continuous appreciation and depreciation during the last 2 to 3 months. From September 6 till the middle of October 2023, the local currency strengthened for 28 consecutive sessions, followed by depreciation for 17th consecutive sessions from October to November 15.
Later, from November 16, the local currency bounced back and got an appreciation for five consecutive days till November 22. Later, the local currency against the US dollar went down by 51 paisa in three consecutive sessions. However, at the end of November, the local currency ended its downward trend quickly and started to improve.
Market experts believe the recent continued appreciation occurred due to the recent meeting about the second tranche of the $3 billion Stand-By Agreement with the IMF, which would be followed by the executive board meeting of the IMF on January 2024.
