ISLAMABAD: After witnessing a significant appreciation for two consecutive days, the Pakistani rupee on Wednesday closed in the red zone while losing Rs1.97 against the US dollar as per reports received by the State Bank of Pakistan and settled at Rs 277.41 against Rs 275.44 last day.
Interbank closing #ExchangeRate for today https://t.co/bEc8JzBqmc#SBPExchangeRate pic.twitter.com/1HiPf51IIk
— SBP (@StateBank_Pak) July 5, 2023
During the last two days, the local currency appreciated over Rs 10; however, on Wednesday, it witnessed a depreciation of 0.71% during trading.
Meanwhile, on Tuesday, the Pakistani rupee recorded a major jump against the greenback, with an appreciation of 3.83% in the inter-bank market, usually after the agreement signed with the International Monetary Fund (IMF).
Meanwhile, the price of gold also went down by more than Rs 10 thousand during the last two days; however, the honeymoon period vanished like a bubble in just two days. Economic experts predict that the currency is expected to trade in the range of 274 to 276.
Earlier, on Tuesday, in a separate statement, Moody’s Investors Services said that the Pakistan government’s liquidity risks remain high despite the IMF’s staff-level agreement.
Meanwhile, the local currency recorded a loss of Rs1 against the greenback in the open market and was traded at 278.00 and 281.00 for buying and selling, respectively.
Pakistani Rupee Against Other Currencies
Like the US Dollar, the Euro also got appreciated by 5 rupees for both buying and selling and was traded at 297.00 and 300.00.
The UAE Dirham witnessed a gain of 30 paisa for both buying and selling and was traded at Rs 75.00 and Rs 75.70, respectively.
Saudi Riyal witnessed an increase of 70 paisa for both buying for selling and was settled at Rs73.00 and 73.70, respectively.
