ISLAMABAD: After a slight decrease of just 03 paisa on Tuesday, the Pakistani rupee registered continues gain for the last 17 working session and as on Friday the local currency experienced further appreciation by 27 paisa (0.1%) against the US Dollar in the inter-bank market to settle at Rs 281.40 against Rs281.67 last day, reported by the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/k74PzB1qSR#SBPExchangeRate pic.twitter.com/fSUIIFvF7g
— SBP (@StateBank_Pak) January 5, 2024
Meanwhile, in a major development, the foreign exchange reserves held by the centra bank witnessed a notable increase of $ 1.3 billion during the two-week period after a handsome arrival of the official inflows from international financial institutions including World Bank, Asian Development Bank and other financial bodies.
On international stage the American dollar remained stable on Friday, after observing a strongest weekly performance. However, the local currency against the greenback was still on the upward move.
Continues Appreciation of Pak Rupee
The Pakistan Rupee swung both way during the last couple of months. From the first week of September, 2023 till middle of October 2023, the local currency appreciated for record 28 consecutive sessions against the greenback, followed by continues fall for 17th consecutive sessions from October till November 15.
However, from November 16, 2023 the local currency observed improvement with slight depreciation for just three consecutive days, that was turned around at the end of November last year and still floating in the same upward trend, except the minor decline by 03 paisa last Tuesday.
