Ahmed Mukhtar Naqshbandi
ISLAMABAD: The exchange rate of the Pakistani rupee went down by 9.6% or Rs24.53 as compared to the American dollar in the interbank trading on Thursday and closed at Rs 255.42 against the previous day’s closing of Rs230.89.
The depreciation occurred after the exchange companies in the open market decided to remove the upper cap to compete and discourage the black market where the Pak rupee against dollar is treated over Rs260.
As reported by the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were witnessed at Rs253.5 and Rs255 respectively.
The dollar was already being traded at the same rates in the grey markets. The interbank market jumped to match the open/grey market.
Pak Rupee Against Other Currencies
As per Pakistan’s central bank, State Bank of Pakistan (SBP), the price of the euro went up by Rs27.55 and closed at Rs278.83 as compared to Rs251.28 on the previous day,
The Japanese yen depreciated by 20 paisas to close at Rs1.97, whereas an appreciation of Rs32.41 was recorded in the exchange rate of the British pound and was traded at Rs316.60 against its last closing of Rs284.19.
Meanwhile, the exchange rates of the Emirates dirham and Saudi riyal were appreciated by Rs6.68 and Rs6.55 to close at Rs69.54 and Rs68.04 respectively.
