ISLAMABAD: Appreciation of the Pakistani rupee against the US dollar continued for the fourth consecutive day, both in the Interbank and Open market, as on Friday, the local currency gained Rs1.99 against the greenback in the interbank trading to close at Rs 302.95 against the previous day’s value of Rs304.94, as reported by State Bank of Pakistan.
Interbank closing #ExchangeRate for todayhttps://t.co/gbkgjFi1m6#SBPExchangeRate pic.twitter.com/MsHUElJGRu
— SBP (@StateBank_Pak) September 8, 2023
Like the interbank, the value of the local currency in the open market witnessed even a significant improvement, almost bringing the gap between the interbank and the open market below one percent.
According to the Forex Association of Pakistan (FAP), the buying and selling rates of the American dollar in the open market stood at Rs 302 and Rs 305 respectively. A few days the local currency was trading against the dollar in the open market in the range of Rs330 to Rs335 against the Interbank at Rs315 to 318, having a gap of about 6 percent.
As per the standby agreement with the IMF, the interbank and open market in Pakistan has to keep the gap not above 1.25 percent.
Market experts attributed the recent improvement in the local currency to the recent corrective measures taken by the government against money exchange companies, hoarding and other financial checks to ensure the smooth circulation of the dollar in the country.
Pakistani Rupee Against Other Currencies
Like the greenback, the price of the Euro also recorded a depreciation of Rs 2.19 to settle at Rs324.48 against Rs326.67 last day, as per reports received from the State Bank of Pakistan.
The Japanese Yen experienced the same treatment and decreased by 01 paisa to close at Rs2.05, whereas the British Pound went down by Rs1.70 and traded at Rs378.50 as compared to Rs380.20 on Thursday.
The Emirates Dirham and the Saudi Riyal also witnessed a depreciation of 54 paisa each to close at Rs82.48 and Rs80.76, respectively.
