The value of Pakistani rupee finally started recovering after being under immense pressure in December. The local currency recorded the highest single-day recovery in 32 trading sessions.
The rupee appreciated by 0.57% in the interbank market on Friday, the last trading session of the year. According to the State Bank of Pakistan, the greenback staggered by a rupee and traded at Rs176.51.
Interbank closing #ExchangeRate for today: https://t.co/VxM0lj3fa9 pic.twitter.com/8RmGe6ixPh
— SBP (@StateBank_Pak) December 31, 2021
In December, the Pakistani currency remained extremely volatile and the value of the greenback surged by Rs2.98, breaking all records.
Meanwhile, in the open market, the dollar dropped by Rs1.30 and plunged to Rs178.50.
Here are the open market rates of major currencies on December 31, 2021
| Currency | Buying | Selling |
| USD | 178.00 | 178.50 |
| Saudi Riyal | 46.50 | 47.00 |
| UAE Dirham | 48.00 | 49.00 |
| UK Pound | 235.00 | 238.00 |
| Euro | 197.00 | 199.00 |
| Japanese Yan | 1.49 | 1.51 |
| AUD | 125.30 | 127.30 |
| CAD | 136.40 | 138.40 |
| Chinese Yuan | 27.00 | 28.00 |
Experts have pegged the volatility of the currency to Pakistan’s widening current account deficit. It has hit $7 billion in the first five months of fiscal year 2021-22.
According to data shared by SBP, the current account deficit was $1.76 billion in October and $1.98 billion in November.
The central bank has tightened rules governing the sale and purchase of foreign exchange in an attempt to curb the buying and selling of dollars.
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