Pakistani Rupee Gains Against Dollar for the 2nd Consecutive Session

Fri Nov 17 2023
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ISLAMABAD: After bouncing back yesterday, the Pakistani Rupee continued its upward trend for the second consecutive session as on Friday, the local currency gained 88 paisa against American Dollar in the interbank trading to settle at Rs 286.50 against Rs 287.38 last day, reported by State Bank of Pakistan (SBP).

Like the interbank, the local currency also slightly improved the open marker. According to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market settled at Rs 287.3 and Rs 290.2 respectively.

Like the greenback, the price of the Euro also went down by Rs 1.36 to close at Rs 310.24 compared to Rs 311.60 on Thursday, according to the SBP.

The Japanese Yen recorded a slight appreciation by 01 paisa to close at Rs 1.90, while the British Pound decreased by Rs 1.11 to settle at Rs 354.79 against Rs 355.90 last day.

The price of the Saudi Riyal and the Emirates Dirham came down by 23 and 24 paisa to close at Rs 76.39 and Rs78, respectively.

Appreciation of Pakistani Rupee

Pakistani Rupee witnessed continuous appreciation and depreciation during the last two and a half months. From September 6 till the middle of October 2023, the Pakistani Rupee appreciated for 28 consecutive sessions, followed by continued depreciation for 17th consecutive sessions from October to November 15.

However, from November 16, the local currency bounced back and improved for two 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). After the inflow of the dollar via the second tranche, the local currency is expected to improve further in the coming days.

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