ISLAMABAD: After a minimal loss of just 03 paisa last day, the Pakistani rupee resumed the upward train it had during the last 13 consecutive sessions on Wednesday; the local currency witnessed an appreciation of 17 paisa against the American Dollar in the interbank trading to settle at Rs281.72 Rs281.89 last day.
Meanwhile, according to the Forex Association of Pakistan (FAP), the local currency also improved a bit in the open market, where the buying and selling rates of the greenback were traded at the level of Rs 280.5 and Rs 283, respectively.
Like the greenback, the value of the Euro also witnessed a decrease and went down by Rs 2.19 to close at Rs308.62 against Rs310.81 on Tuesday.
The Japanese Yen decreased by 02 paisa to settle at Rs1.97, while the British Pound recorded a fall by Rs3.10 in the exchange rate to settle at Rs356.24 compared to Rs359.34 last day.
The price of the Emirates Dirham and the Saudi Riyal went down by 05 and 04 paisa to settle at Rs76.70 and Rs75.12, respectively.
Appreciation of Pakistani Rupee
The Pakistan rupee has recorded fluctuation during the last couple of months. From the first week of September 2023 till the middle of October 2023, the local currency went up for a record 28 consecutive sessions against the greenback, followed by a continuous fall for 17th consecutive sessions from October to November 15.
However, from November 16, 2023, the Pakistani rupee experienced mostly improvement with slight depreciation for just three consecutive days, which was turned around at the end of November last year and still floating in the same upward trend, except the minor decline by 03 paisa on Tuesday.
