ISLAMABAD: After observing consecutive gains for the last three working days, the Pakistani Rupee on Wednesday remained stable without a minimal decline of just Rs 0.1 against the American Dollar in the interbank trading and closed at Rs279.32 against the previous day’s closing of Rs279.31, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/7Ixa9hGChk#SBPExchangeRate pic.twitter.com/tPZCl8SDjj
— SBP (@StateBank_Pak) February 14, 2024
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback experienced almost the same situation and stood at Rs280.6 and Rs282.35, respectively.
Unlike the greenback, the rates for the Euro against the local unit went down by Rs1.97 to settle at Rs298.90 against Rs300.87 last day, according to SBP.
The Japanese Yen lost just 01 paisa to settle at Rs1.85, while the British Pound observed a decline of Rs2.91 to close at Rs350.45 compared to Rs353.36 on Tuesday.
The price of the Emirates Dirham remained constant at Rs76.04 while that of the Saudi Riyal went down by 01 paisa to close at Rs74.47.
Appreciation of Pakistani Rupee
The local currency fluctuated both ways against other international currencies, particularly the American dollar, during the last couple of months with a recent continued appreciation. From September last till the middle of October 2023, the local unit recorded appreciation for a record 28 consecutive sessions against the US dollar, followed by a continuous decline for the 17th consecutive sessions from October till the middle of November 2023.
However, at the end of December 2023, and then in January 2024, the Pakistani currency mostly observed improvement against the US Dollar, thanks to the inflow from the IMF in the form of Rs700m followed by a $2b rollover from the UAE three weeks before. As a result, the local unit improved by over Rs 5 in the interbank during the last three to four weeks.
