ISLAMABAD: Pakistani Rupee’s slight downfall continued for the last three consecutive days as the local currency on Wednesday lost 76 paisa against the greenback in the interbank trading as it closed at Rs283.80 against the previous day’s closing of Rs283.04.
Meanwhile, in the open market, the local currency witnessed a major depreciation and was available in the range of Rs286 and Rs290 (buying and selling), as reported by the Forex Association of Pakistan (FAP).
The price of the Euro also witnessed an increase by 19 paisa to close at Rs 318.55 against Rs 318.36, on the last day, according to the State Bank of Pakistan (SBP).
However, unlike Euro and dollar, the Japanese Yen witnessed a decrease by 01 paisa to close at Rs2.03, whereas the British Pound also recorded a decrease of Rs2.70 in the exchange rate and was traded at Rs367.62 compared to Rs370.32 on Tuesday.
The exchange rates of the Saudi Riyal and Emirates Dirham observed an increase by 20 and 21 paisa to close at Rs75.64 and Rs77.26.
Pakistani Rupee Against Dollar
The local currency remained under pressure during the last three to four months against the greenback due to recent political and economic unrest. On May 11, it reached the highest-ever devaluation of Rs290 against the dollar in the interbank and Rs 310 and above in the open market. However, due to recent developments with the IMF, followed by the $3bn conditional deal with the IMF on July 12, the local currency observed appreciation and came down to Rs 276 in the interbank. However, during the last 3 to 4 days, the downward trend of the local currencies started, and at present, it settled at Rs 283,80 against the greenback.
