Pakistani Rupee Witnesses Marginal Gain Against US Dollar to Settle at Rs 278.30

Thu May 23 2024
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ISLAMABAD: After depreciation by 47 paisa during the last three days, the Pakistani Rupee on Thursday bounced back slightly with a marginal appreciation of 17 paisa against the US dollar in the interbank trading to settle at Rs 278.30 against the last day’s closing at Rs 278.47.

Meanwhile, as pre updates provided by the Forex Association of Pakistan (FAP), the buying and selling price of the American dollar in the open market, settled at Rs277.35 and Rs280.10 respectively.

Like the greenback, the price of the Euro went down by 64 paisa against the local unit to close at Rs 301.67 as compared to the previous day’s closing of Rs 302.31, according to the State Bank of Pakistan (SBP).

The Japanese Yen also recorded a depreciation by 01 paisa to settle at Rs 1.77, while the British Pound went down by Rs1.03, to close at Rs 353.85 against the last day closing of Rs 354.88.

Similarly, the price of the Emirates Dirham went down by 05 paisa to settle at Rs 75.76, while that of the Saudi Riyal decreased by 04 paisa to close at Rs 74.20.

Pakistani Rupee Against US Dollar

During the last 7 to 8 months, the local unit registered both appreciation and depreciation, against the American dollar with recent continued improvement. From September, till the middle of October 2023, the local unit appreciated for a record 28 consecutive sessions against the American dollar, followed by continues decline for 17th consecutive sessions from October till middle of November, 2023.

However at the end of December 2023, and then in January 2024, the Pakistani currency mostly enjoyed appreciation against the greenback amid the inflow from the IMF followed by a $2b roll over 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 eyeing for a longer program from the IMF to further overcome the economic quagmire. However, the expected program might be coupled with inflation and price hike amid tough conditions from the lending body in the shape of further taxation.

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