ISLAMABAD: The Pakistani Rupee registered a depreciation by 17 paisa on Monday, against the US dollar in the interbank trading to close at Rs 278.37 against the closing of Rs 278.20 on Friday.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the US dollar in the open market, was settled at Rs 277.75 and Rs 280.5 respectively.
According to the State Bank of Pakistan (SBP), the price of the Euro decreased by Rs 3.43 to close at Rs 299.52 against the last day’s closing of Rs 302.95.
The Japanese Yen came down by 01 paisa and closed at Rs 1.77, whereas a reduction of Rs 2 was noted in the exchange rate of the British Pound, which traded at Rs 354.04 as compared to the last day’s closing of Rs 356.04.
The price of the Emirates Dirham and the Saudi Riyal went up by 04 paisa and 05 paisa to close at Rs 75.78 and 74.22.
Pakistani Rupee Against US Dollar
During the last 7 to 8 months, the Pakistani currency witnessed both appreciation and depreciation, against the US dollar with recent continued improvement. From September, till the middle of October 2023, the local currency appreciated for a record 28 consecutive sessions against the greenback, followed by a continuous fall for 17th consecutive sessions from October till the middle of November 2023.
However, at the end of December 2023, and then in January 2024, the local unit mostly enjoyed appreciation against the American dollar amid the inflow from the IMF followed by a $2b rollover each from the UAE (January) and China (February). As a result, the Pakistani rupee improved by over Rs7 in the interbank during the 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 flexing muscles to get a longer program from the IMF to further overcome the economic challenges. However, the expected program might be followed by further inflation and price hikes amid tough conditions from the lending body in the shape of further taxation.
