ISLAMABAD: Upward trend of the Pakistani Rupee for the 5th consecutive day as on Wednesday, the local currency further gained 66 paisa against the American Dollar in the interbank trading and closed at Rs 285.13 against Rs 285.79 last day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/TDWsbXHdmt#SBPExchangeRate pic.twitter.com/Ly1iXl7ZEg
— SBP (@StateBank_Pak) November 22, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar were also influenced in the open market and stood at Rs 283.65 and Rs 286.5 against its last day range of Rs285.2 and Rs288 respectively.
Like the greenback, the price of the Euro was also influenced against the local currency and went down by Rs1.96 to settle at Rs 311.32 compared to Rs 313.28 last day, as per reports from the SBP.
The Japanese Yen decreased by just 02 paisa to close at Rs 1.91, while the British Pound witnessed a decrease of 85 paisa to settle at Rs 357.31 against its previous price of Rs 358.16 on Tuesday.
Meanwhile, the price of the Saudi Riyal and the Emirates Dirham went down by 18 paisa each to close at Rs 76.01 and Rs 77.63, respectively.
Continues Appreciation of Pakistani Rupee
The 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 got appreciation for five consecutive days. Market experts attribute the recent appreciation to the successful meeting about the second tranche of the $3 billion Stand-By Agreement with the International Monetary Fund (IMF).
