Pakistani Rupee Depreciates by 08 Paisa Against US Dollar

Wed May 22 2024
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ISLAMABAD: After depreciation of 39 paisa during the last two days, the Pakistani rupee on Wednesday witnessed a slight decline of 8 paisa further against the US dollar in the inter-bank to settle at Rs278.47 against the closing of Rs278.39 on Tuesday.

Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the American dollar in the open market, settled at Rs 277.35 and Rs 280.10 respectively.

Unlike the greenback, the price of the Euro went down by 16 paisa against the local currency to close at Rs 302.31 as compared to the last day closing of Rs 302.47, according to the State Bank of Pakistan (SBP).

Like the previous day, the Japanese Yen remained constant at Rs 1.78, while the British Pound registered an increase of 94 paisa to close at Rs 354.88 against the last day’s closing of Rs 353.94.

Meanwhile, price of the Emirates Dirham went up by 02 paisa to close at Rs 75.81, whereas that of Saudi Riyal increased by 01 paisa to close at Rs 74.24.

US Dollar in International Market

Globally, the American dollar remained steady against most of other international units on Wednesday, as the market is still eyeing on the officials from the Federal Reserve for future insight.

Pakistani Rupee Against US Dollar

Recently 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 appreciated for record 28 consecutive sessions against the greenback, followed by continues decline 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 Rupee mostly enjoyed appreciation against the greenback 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 looking for 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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