ISLAMABAD: The slight but continues downward trend of the Pakistani Rupee witnessed decline for the 14th consecutive session as on Friday the local currency went down by 13 paisa against US Dollar in the interbank trading and closed at Rs 287.03 against Rs 286.90 last day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/toI3zBT2Yo#SBPExchangeRate pic.twitter.com/Dv1AMucM0k
— SBP (@StateBank_Pak) November 10, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market also observed a slight change and stood at Rs 287 and Rs 289.5 against the previous day stand of Rs 286.5 and Rs 289 respectively.
Like the greenback, the price of the Euro also went up by 26 paisa to settle at Rs 306.26 Rs 306.00, last day, according to SBP.
The Japanese Yen depreciated by one paisa to closed at Rs 1.89, while the British Pound went down by 95 paisa to close at Rs350.52 as compared to Rs351.47 on Thursday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 05 and 03 paisa to close at Rs76.52 and Rs78.14 respectively.
Devaluation of Pak Rupee
Depreciation of the local currency on Friday was the 14th consecutive devaluation against the US dollar. During the last 13 days the Pakistani Rupee went down by Over Rs 10 both in the open market and interbank.
On September 5, 2023, Pakistani rupee witnessed 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.
