ISLAMABAD: After a downward trend for a couple of weeks till the middle of November, the upward trend of the Pakistani Rupee continued for the fourth consecutive day as on Tuesday, the local currency witnessed a further gain of 18 paisa against the American Dollar in the interbank trading and closed at Rs 285.79 against Rs 285.97 last day, reported by State Bank of Pakistan (SBP).
— SBP (@StateBank_Pak) November 21, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market also witnessed a change against the local currency and stood at Rs 285.2 and Rs 288 respectively.
Like the US Dollar, the price of the Euro also went down and decreased by 92 paisa to settle at Rs 313.28 compared to Rs 312.36, according to SBP.
Like a previous couple of days, the Japanese Yen showed slight improvement and went up by 01 paisa to settle at Rs 1.93, whereas, like the last day, the British Pound witnessed an increase and went up by Rs 1.15 to settle at Rs 358.16 against Rs 357.01 on Monday.
However, the value of the Emirates Dirham and the Saudi Riyal went down by 04 and 05 paisa to settle at Rs 77.81 and Rs 76.19, respectively.
Upward Trend of Pakistani Rupee
The local currency 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 started improvement for four consecutive days, due to the recent successful meeting about the second tranche of the $3 billion Stand-By Agreement with the International Monetary Fund (IMF).