ISLAMABAD: After depreciating by 88 paisa last day, the Pakistani Rupee continued the downward trend for the 11th consecutive session as on Tuesday, the local currency witnessed a decline by Rs1.11 against US Dollar in the interbank trading and closed at Rs 286.39 against Rs 285.29 last day as reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/soXvFXBizB#SBPExchangeRate pic.twitter.com/SFg5k8GYaY
— SBP (@StateBank_Pak) November 7, 2023
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market also witnessed a slit change and settled at Rs 286 and Rs 288.5 respectively.
Unlike the greenback, the price of the Euro went down by 38 paisa to settle at Rs 306.21 against Rs 306.59 last day, according to SBP.
The Japanese Yen remained constant at Rs 1.90, whereas the British Pound decreased by Rs1.11 in the exchange rate to settle at Rs 352.53 as compared to Rs 353.64 on Monday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 30 paisa each to close at Rs 76.34 and Rs 77.97, respectively.
Continues Deprecation of Pakistani Rupee
Depreciation of the local currency on Tuesday was the 11th consecutive devaluation against the American dollar. During the last 11 days, the local currency depreciated by Over Rs 7 both in the open market and interbank. On September 5, 2023, the Pakistani Rupee recorded the lowest value against the American dollar at over Rs307 in the interbank and over Rs330 in the open market. However, later the local currency improved for 28 consecutive sessions.
