ISLAMABAD: After appreciating for 13 consecutive sessions, the Pakistani Rupee on Tuesday witnessed a minimal depreciation of 03 paise against the US dollar in the interbank trading to settle at Rs281.89 against Rs281.86 the previous day, reported by the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/MrAy4prZ7J#SBPExchangeRate pic.twitter.com/l8yDqumNH5
— SBP (@StateBank_Pak) January 2, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar also traded with the same slight change at Rs281 and Rs283.5, respectively.
However, unlike the greenback, the price of the Euro went down by 68 paisa to settle at Rs310.81 against Rs 311.49 the previous day, according to SBP.
Unlike Euro, the price of the Japanese Yen went up by 01 paisa to close at Rs1.99, whereas the British Pound witnessed a decrease of 75 paisa to trade at Rs359.34 compared to Rs358.59 on Friday.
The price of the Emirates Dirham went up by 01 paisa to close at Rs76.75, whereas the value of the Saudi Riyal witnessed no change and remained constant at Rs75.16.
Appreciation of Pakistani Rupee
The local currency experienced fluctuation during the last couple of months. From September 6, 2023, till the middle of October 2023, the local currency enjoyed improvement for a record 28 consecutive sessions against the greenback, followed by a continued fall for the 17th consecutive session from October to November 15.
However, from November 16, 2023, the local currency witnessed mostly 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 for the minor decline by 03 paisa on Tuesday.
