Pak Rupee up Marginally for 2nd Consecutive Day Against Dollar

Fri May 24 2024
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ISLAMABAD: After a slight appreciation by 17 paisa last day, the Pakistani Rupee on continued the upward trajectory on Friday by gaining 10 paisa further against the American dollar in the interbank trading to settle at Rs 278.20 against the last day closing at Rs 278.30.

Meanwhile, as per reports received from the Forex Association of Pakistan (FAP), the buying and selling price of the US dollar in the open market, settled at Rs 277.50 and Rs 280.20 respectively.

Like the greenback, the rates for the Euro against the local unit also went down by 51 paisa to settle at Rs 301.16 as compared to Rs 301.67, last day, according to the State Bank of Pakistan (SBP).

The Japanese Yen, however remained stagnant at Rs 1.77, while the British Pound recorded a decrease of 51 paisa to settle at Rs 353.34 against the previous day closing of Rs 353.85.

The exchange rate of the Emirates Dirham went down by 02 paisa to settle at Rs 75.74, whereas that of Saudi Riyal decreased 03 paisa to close at Rs 74.17.

Pak Rupee Against US Dollar

During last 7 to 8 months, the local currency registered both appreciation and depreciation, against the American dollar with recent continues improvement. From September, till middle of October 2023, the local unit improved for record 28 consecutive sessions against the American dollar, followed by continues fall for 17th consecutive sessions from October till middle of November, 2023.

However, at the end of December 2023, and then in January 2024, the Pakistani unit mostly enjoyed appreciation against the American dollar amid the inflow from the IMF followed by $2b roll over each from the UAE (January) and China (February). As a result, the Pakistani rupee improved by over Rs7 in the interbank during last three to four months.

In another recent development Pakistan received $1.1 billion from the International Monetary Fund (IMF) as a final tranche of the $3 billion Stand-By Arrangement (SBA), on April 30. Pakistan is now flexing muscles to get a longer program from the IMF to further overcome the economic quagmire. However, the expected program might be coupled with inflation and price hike amid tough conditions from the lending body in shape of further taxation.

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