ISLAMABAD: After appreciating for the last two working days, the Pakistani Rupee on Monday continued the upward trend and gained 53 paisa against the US Dollar in the interbank trading and closed at Rs 285.97 compared to Rs 286.50 last day, as reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/nc62s3hAjv#SBPExchangeRate pic.twitter.com/s5iBG7ouvf
— SBP (@StateBank_Pak) November 20, 2023
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market also observed change and stood at Rs 286.2 and Rs 289 respectively.
Like the greenback, the price of the Euro also went down by Rs 2.12 to settle at Rs 312.36 compared to Rs 310.24 the previous day, according to the SBP.
The Japanese Yen increased by just 02 paisa to settle at Rs 1.92, whereas the British Pound witnessed an increase of Rs 2.22 to settle at Rs 357.01 as compared to Rs 354.79 on Friday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 15 paisa each to close at Rs 76.24 and Rs 77.85, respectively.
Appreciation of Pakistani Rupee
Pakistani rupee recorded continuous appreciation and depreciation during the last two and a half months. From September 6 till the middle of October 2023, the local currency appreciated for 28 consecutive sessions, followed by continued depreciation for 17th consecutive sessions from October to November 15.
However, from November 16, the Pakistani rupee bounced back and improved for three consecutive days, obviously due to the recent successful meeting about the second tranche of the $3 billion Stand-By Agreement with the International Monetary Fund (IMF).
