Pakistani Rupee Gains Against Dollar for 12th Consecutive Session

Thu Dec 28 2023
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ISLAMABAD: The upward journey of the Pakistani Rupee against the dollar continued for the 12th consecutive recovery session as on Wednesday, the local currency gained 26 paisa further against the greenback in the interbank trading to settle at Rs 281.93 against Rs 282.20 last day, reported by 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 also witnessed a slight change and stood at Rs 281.9 and Rs 284.4, respectively.

However, unlike the US dollar, the price of the Euro went up by Rs 1.87 to settle at Rs 313.47 as compared to Rs 311.60 the previous day.

The Japanese Yen registered a decline by 03 paisa and closed at Rs 2, whereas the British Pound went up by Rs 2.14 to close at Rs 361.40 against Rs 359.26 on Thursday.

However, the price of the Emirates Dirham and the Saudi Riyal went down by 08 and 07 paisa to settle at Rs 76.76 and Rs 75.17, respectively.

Appreciation of Pakistani Rupee

The Pakistani Rupee has recorded fluctuation during the last couple of months. From September 6 till the middle of October 2023, the local currency observed appreciation for a record 28 consecutive sessions against the greenback, followed by a continued fall for the 17th consecutive session from October to November 15.

However, from November 16, the local currency witnessed mostly improvement with slight depreciation for just three consecutive days, which was turned around at the end of November and still floating in the same upward circle.

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