Islamabad: After getting some ground in the first session, the Pakistani currency fell flat and down by Rs1.35 at the closing of the day in the Interbank on Monday against the greenback. At the start of the business week, the American dollar was settled at Rs297.13 in the interbank market against the local currency compared to Rs 295.78 on its last working day, as reported by the State Bank of Pakistan.
Interbank closing #ExchangeRate for today https://t.co/06ebUn3yum#SBPExchangeRate pic.twitter.com/A8hyc0EJDw
— SBP (@StateBank_Pak) August 21, 2023
During the last few days, soon after the caretaker government came into power the local currency has lost its value up to Rs8.64.
Meanwhile the interbank has also influenced the open market, where the local currency was traded above three hundred and on Monday was settled in the range of Rs304 to Rs307.
Like the Us Dollar, the price of the Euro also witnessed an increase of Rs 1.85 to settle at Rs 323.45 compared to the last day’s closing of Rs 321.60.
The Japanese Yen increased by 01 paisa and settled at Rs 2.04, whereas the British Pound recorded an increase of Rs 2.11 and was traded at Rs 378.16 against Rs 376.05 on the last trading day.
The exchange rate of the Saudi Riyal and the Emirates Dirham increased by 37 paisa each to close at Rs 79.22 and Rs 80.89 respectively.
Fluctuating Status of Pak Rupee
A couple of weeks before Governor State Bank also predicted devaluation of the local currency, due to the removal of all the restrictions on imports and added that the situation would become better till December this year.
It was the reason, the value of the greenback moves beyond the threshold of Rs300, particularly in the open market. Earlier in May this year, the rate per dollar reached the level of Rs 310 to Rs 314 and now the local currency facing the same situation.
