ISLAMABAD: The upward trend of the Pakistani Rupee continued for the 21st consecutive session since it recorded its lowest value of Rs307 three weeks before as on Wednesday, the local currency gained Rs1.04 against the US dollar in the interbank trading to settle at Rs 284.68 against Rs 285.72, last day as reported by the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/7gpAlrU3K4#SBPExchangeRate pic.twitter.com/TgifPc4YOj
— SBP (@StateBank_Pak) October 4, 2023
During the last three weeks, after the government initiated a crackdown against smugglers and illegal money changers the Pakistani currency recorded a significant appreciation of over Rs22 in the Interbank and more than Rs45 in the open market. The local currency got appreciation with the same proportion as other international currencies during the period.
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market also continued the same trend on Wednesday and settled at Rs 282.25 and Rs 285 respectively.
Pakistani Rupee Against Euro, Pound, Riyal and Others
Like the greenback, the local currency also witnessed an appreciation against the Euro, where the Euro went down by Rs 1.23 to settle at Rs 298.33 against the last day’s closing of Rs 299.56, as per reports received from the SBP.
The Japanese Yen also decreased by 01 paisa to close at Rs1.91, whereas the British Pound recorded a decrease of Rs1.25 to close at Rs343.97 as compared to Rs345.42 on Tuesday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went down by 28 paisa each to settle at Rs 75.89 and Rs77.50 respectively.
