ISLAMABAD: After a minimal decrease of just 03 paisa last Tuesday, the Pakistani rupee registered a continuous gain for the last 18 working sessions with the fourth successive session as on Monday, the Pakistani rupee witnessed further gain by Re0.12 (0.04%) against the US dollar to settle at Rs281.28 against Rs 281.40 on Friday, according to the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/Et6MoqtExl#SBPExchangeRate pic.twitter.com/AVbzt946rT
— SBP (@StateBank_Pak) January 8, 2024
In account of the last 18 consecutive sessions, it was the eighth consecutive week that the Pakistani rupee witnessed improvement against the greenback.
In another major development last week, SBP data revealed that the foreign exchange reserves held by the central bank recorded an increase of $464 million on a weekly basis to settle at $8.2 billion as of December 29, also encouraging the optimistic environment for strengthening the local unit.
Pakistani Rupee In Open Market
Like the interbank, the local currency also continued its slight improvement in the open market, where the greenback was available at Rs 279.98 and Rs 282.34 for buying and selling, respectively.
However, the price of the Euro went up by 31 paisa for buying and 19 paisa for selling, settling at Rs 306.00 and Rs 308.84, respectively.
Meanwhile, the local currency gained 2.00 paisa against Saudi Riyal to settle at Rs 74.60 for buying and remained constant for selling at Rs75.29.
Appreciation of Pakistani Rupee
The local unit swung both ways during the last couple of months. From the first week of September 2023 till the middle of October 2023, the Pakistani rupee appreciated for a record 28 consecutive sessions against the greenback, followed by a continued decline for the 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, which was turned around at the end of November last year and is still floating in the same upward trend, except for the minor decline by 03 paisa Tuesday.
