Pakistani Rupee Increases by 07 Paisa against the US Dollar
Published on: February 22, 2024.
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ISLAMABAD: The Pakistani Rupee experienced a slight gain of Rs 0.07 against the American dollar in interbank trading on Wednesday. It closed at Rs279.49 compared to the previous day’s rate of Rs279.56, following a slight decline of Rs0.21 on the previous day.
According to the Forex Association of Pakistan (FAP), the buying rate of the US dollar in the open market settled at Rs279.75, while the selling rate stood at Rs282.30.
Meanwhile, the Euro saw an increase of 82 paisa, closing at Rs302.06 compared to the previous day’s rate of Rs301.24. On the other hand, the Japanese Yen remained relatively stable, gaining just 01 paisa and settling at Rs1.86. The British Pound observed an increase of 74 paisa, closing at Rs352.68 against the previous day’s rate of Rs351.94. The Emirates Dirham and the Saudi Riyal both decreased by 02 paisa, closing at Rs76.09 and Rs74.52, respectively.
The value of the Pakistani Rupee against the US dollar has seen fluctuations over the past few months. From September to mid-October 2023, the local currency appreciated for a record 28 consecutive sessions against the American dollar. However, there was a continuous decline for 17 consecutive sessions from October to mid-November 2023.
At the end of December 2023 and in January 2024, the Pakistani Rupee mostly witnessed improvement against the American dollar. This can be attributed to the influx of Rs700 million from the IMF and a $2 billion rollover from the UAE in the previous month. As a result, the local currency improved by over Rs 5 in interbank trading during the last three to four weeks.
Source: [link](https://en.wenews.pk)
