ISLAMABAD: Pakistan Rupee on Monday witnessed a slight depreciation of 04 paisa against US Dollar in the interbank trading to close at Rs 278.36 against the previous day’s closing at Rs 278.32.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling price of the greenback in the open market observed almost similar responses and traded at Rs 277.5 and Rs 280 respectively.
Like the greenback, the price of the Euro also appreciated by 44 paisa against the local currency to settle at Rs 301.67 against the previous day closing of Rs 301.23, according to the State Bank of Pakistan (SBP).
The Japanese Yen however remained constant at Rs 1.77, while the British Pound witnessed an increase of 62 paisa against the local unit to close at Rs 353.85 as compared to Rs 353.23 the previous day.
The price of the Emirates Dirham and the Saudi Riyal went up by 01 paisa each against the local currency to close at Rs 75.78 and Rs 74.21.
Pakistani Rupee Against US Dollar
During the last 7 to 8 months, the Pakistani currency registered both appreciation and depreciation, against the US dollar with recent continued improvement. From September, till the middle of October 2023, the local currency improved for a record 28 consecutive sessions against the greenback, followed by a continues 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 witnessed appreciation against the greenback 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 appreciated 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, 2024. Pakistan is now flexing muscles to get a longer program from the IMF to further overcome the current economic challenges. However, the expected program might be coupled with further inflation and price hikes amid tough conditions from the lending body in the shape of further taxation.