Pakistani Rupee Gains Against Dollar for 2nd Consecutive Day

Wed Nov 29 2023
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ISLAMABAD: After an appreciation of 12 paisa last day, the Pakistani Rupee on Wednesday gained 13 paisa further against the American Dollar in the interbank trading to settle at Rs 285.39 against Rs 285.52, last day, reported by the State Bank of Pakistan (SBP).

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 285.4 and Rs 288 respectively.

Unlike the greenback, the price of the Euro went up by Rs 1.10 to settle at Rs 313.49 compared to Rs 312.39 on the last day, according to SBP.

The Japanese Yen increased by 01 paisa to close at Rs 1.93, while the value of the British Pound went up by Rs 1.95 in the exchange rate to close at Rs 362.28 against Rs 360.33 on Tuesday.

The price of the Saudi Riyal and the Emirates Dirham went down by 04 and 03 paisa to close at Rs 76.08 and Rs 77.71, respectively.

Value of Pakistani Rupee in Recent Months

The Pakistani rupee currency witnessed continuous appreciation and depreciation during the last 2 to 3 months. From September 6 till the middle of October 2023, the local currency appreciated for 28 consecutive sessions, followed by depreciation for 17th consecutive sessions from October till November 15.

Later, from November 16, the local currency bounced back and got appreciation for five consecutive days till 22nd of this month. Again, since 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. Market experts believe further improvement is needed 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 the first week of December.

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