ISLAMABAD: After depreciating by over RS 1, the Pakistani Rupee on Wednesday continued the downward trend and depreciated further by 51 paisa on the 13th consecutive day against US Dollar in the interbank trading and settled at Rs 286.90 against the previous day’s closing at Rs 286.39, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/YdjtZG4oee#SBPExchangeRate pic.twitter.com/07WwIsUvhZ
— SBP (@StateBank_Pak) November 8, 2023
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Greenback in the open market remained stable and stood at Rs 286.5 and Rs 289 respectively.
Unlike the US Dollar, the price of the Euro went down by 21 paise to settle at Rs 306.00 compared to Rs 306.21 on Tuesday, according to the State Bank of Pakistan.
Read Also: Pakistani Rupee Sheds Another Rs1.10 Against US Dollar
However, the Japanese Yen observed no change and closed at Rs 1.90, whereas the British Pound witnessed a decrease of Rs1.06 to settle at Rs351.47 against Rs352.53 on the previous day.
The exchange rates of the Emirates Dirham and the Saudi Riyal went up by 14 and 13 paisa to close at Rs78.11 and Rs76.47, respectively.
Devaluation of Pakistani Rupee
Depreciation of the local currency on Wednesday was the 13th consecutive devaluation against the American dollar. During the last 12 days, the local currency depreciated by Over Rs 8 both in the open market and interbank.
On September 5, 2023, the Pakistani rupee recorded the lowest value against the American dollar at Rs307.2 in the interbank and over Rs333 in the open market. However, later the local currency improved for 28 consecutive sessions.
