ISLAMABAD: The upward trend of the Pakistani Rupee against the US dollar continued for the last 14 consecutive sessions as on Friday the local currency witnessed a gain of Rs 1.02 against the greenback in the interbank trading to settle at Rs291.76 against Rs292.78 on the previous day, as reported by the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/Ka0Vz0k1iS#SBPExchangeRate pic.twitter.com/qpsNh1KzqU
— SBP (@StateBank_Pak) September 22, 2023
During the last 14 working days, the local currency appreciated at an average of Rs 1 per day as two weeks before the local currency witnessed its worst and lowest value of above Rs 107 against the American Dollar in the interbank. During the upward trend, the local currency appreciated about Rs 15. Last day the Pakistani Rupee gained Rs1.12 and the earlier days recorded almost the same improvement in the local currency.
Meanwhile, as reported by the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market recorded a slight improvement, while trading in the range of Rs 292.1 and Rs 295 respectively.
Pak Rupee Against Euro, Pound and Others
Like the greenback, the price of the Euro also went down by Rs1.37 to settle at Rs 310.61 against the last day’s closing of Rs 311.98, as per reports received from the State Bank of Pakistan.
The Japanese Yen received the same treatment and decreased by 01 paisa to close at Rs1.96, whereas the British Pound went down by Rs2.31 in the exchange rate to settle at Rs 357.92 as compared to Rs 360.23 on Thursday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went down by 27 and 28 paisa to settle at Rs77.78 and Rs79.43 respectively.
Market experts attributed the improvement in the local currency to the recent crackdown by the government against hoarders and illegal money changers and expected further improvement due to the recent announcement of polls in January next year, that would bring political and financial stability to the country.
