ISLAMABAD: The Pakistani Rupee on Monday continued its upward trend for the 5th consecutive recovery session with a slight gain by 05 paisa against the US Dollar in the interbank trading and settled at Rs283.20 against Rs283.25 on the previous trading day as reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/Ll9i6oEJD8#SBPExchangeRate pic.twitter.com/ni15gTVOTV
— SBP (@StateBank_Pak) December 18, 2023
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market remain stable and settled at Rs 283.2and Rs286 respectively.
Like the US dollar, the value of the Euro also witnessed a decline by Rs2.03 to close at Rs 309.35 against Rs311.38 on Friday, as per details issued by the SBP.
The Japanese Yen decreased 01 paisa to settle at Rs1.98, while the British Pound recorded a decrease of Rs2.02 in the exchange rate to close at Rs359.53 compared to Rs361.55 on Friday.
The price of the Emirates Dirham and the Saudi Riyal went down by 01 paisa each to settle at Rs77.11 and Rs75.49, respectively.
Value of Pakistani Rupee During Last Few Months
The Pakistani rupee witnessed fluctuating appreciation and depreciation during the last couple of months. From September 6 till the middle of October 2023, the local currency appreciated for 28 consecutive sessions against the greenback, followed by depreciation for 17th consecutive sessions from October to November 15.
Later, from November 16, the Pak Rupee bounced back and appreciated for five consecutive days till November 22. The local currency observed another slight decrease against the American dollar, which went down by 51 paisa in three consecutive sessions. However, at the end of November, the local currency ended its downward spree quickly and started to improve.
Market experts believe the recent appreciation occurred due to last month’s 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.
