ISLAMABAD: After losing 14 paisa last day, the Pakistani Rupee continued its slight downward trend on the last day of the week with an 89-paisa devaluation against the American dollar in the interbank trading and closed at Rs288.49 against its last-day value of Rs287.60.
Interbank closing #ExchangeRate for today https://t.co/42f9zwNeES#SBPExchangeRate pic.twitter.com/iVe27rnHUl
— SBP (@StateBank_Pak) August 11, 2023
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market witnessed an increase of Rs1 and were available in the range of Rs294.5 and Rs297.5, respectively.
Meanwhile, the price of the Euro also witnessed an increase by 55 paisa to settle at Rs317.25 against Rs316.70 last day.
The Japanese Yen remained unchanged and settled at Rs1.99, whereas, unlike the euro and dollar, the British Pound observed a decline of 24 paisa and was traded at Rs366.67 against its last-day value of Rs366.91.
However, the exchange rates of the Saudi Riyal and the Emirates Dirham witnessed an increase of 24 paisa and 25 paisa to close at Rs76.89 and Rs78.54.
Value of Pak Rupee
The local currency witnessed fluctuation for the last couple of months and reached its lowest ever at Rs 290 in the interbank and over Rs 3,310 in the open market in the middle of May this year. However, after the successful negations with the IMF from June 30 till July 12, the rupee got some strength and was recorded in the interbank around Rs275; however recent few days witnessed devaluation of the local currency again.
Last month an American newspaper predicted that the Pakistani currency may suffer a devaluation up to Rs 340 against the greenback. However, the Governor State Bank of Pakistan (SBP), in a press talk a couple of weeks back, explained that the coming few months would witness a slight devaluation and decrease in the foreign reserves, but both would be improved by December this year.
