Pakistani Rupee Records 10th Successive Gain Against US Dollar

Tue Dec 26 2023
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ISLAMABAD: The Pakistani Rupee continued with an upward trend for the 10th consecutive session as on Tuesday, it appreciated by Rs 0.16 (0.06%) in the inter-bank market against the US Dollar to settle at Rs 282.37 as compared to Rs 282.53 on Friday, reported by State Bank of Pakistan (SBP).

Meanwhile, the open market was treated the same way, with a minor gain by the local currency against the greenback and was available in the market at 283.75 for selling and 280.75 for buying against the previous week’s level of Rs 283.70 for selling and Rs281.23 for buying.

Apart from the 10th consecutive session, it was the sixth consecutive week where the local currency witnessed improvement against the greenback in account of the development after the staff-level agreement (SLA) between IMF and Pakistan on the 1st review of the $3 billion Stand-by Arrangement (SBA).

After the recent development on November 15, the local currency initiated an upward momentum and witnessed a gain of about Rs 6 against the American Dollar.

Successive Gain of Pakistani Rupee

The Pakistani Rupee observed fluctuation during the last couple of months. From September 6 till the middle of October 2023, the local currency witnessed improvement for a record 28 consecutive sessions against the US dollar, followed by depreciation for 17th consecutive sessions from October to November 15.

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

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