ISLAMABAD: After an interval of almost three and a half months the Pakistani rupee on Friday witnessed further devaluation of Rs 0.78 against the American Dollar in the interbank trading and closed at Rs301 against Rs300.22 last day, as reported by State Bank of Pakistan.
Interbank closing #ExchangeRate for todayhttps://t.co/xCR6VJ7vBa#SBPExchangeRate pic.twitter.com/1fBMOrsMOs
— SBP (@StateBank_Pak) August 25, 2023
The local currency crossed the 300 threshold on May 10, 2023 and now the currency market is observing almost the same situation.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market was witnessing even beyond the situation occurred in May, 2023 and was traded in at Rs314.3 and Rs317.3 respectively. In May 2023, the local currency in the open market was trading in the range of Rs310 to Rs315
Contrary to the greenback, the price of the Euro went down against the local currency by Rs 1.35 to close at Rs324.81 as compared to Rs326.16 last day.
However, the Japanese Yen witnessed no change and was settled at Rs2.06, whereas the British Pound witnessed a decline of Rs2.65 in the exchange rate and was traded at Rs378.87 against Rs381.52 on Thursday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 20 paisa and 21 paisa to close at Rs80.23 and Rs81.94 respectively.
Dollar Flying High Against Pak Rupee
The devaluation of the local currency is attributed to the recent debt repayment, removal of ban on all kind of imports and the ongoing economic unrest in the country. Few weeks ago, Governor State Bank predicted the same vulnerable situation hoping it would become better till December this year.
