ISLAMABAD: After depreciating by 88 paisa last Friday, the Pakistani Rupee on Monday witnessed the same depreciation of a further 88 paisa against the US Dollar in the interbank trading and closed at Rs 285.29 against the previous day’s closing at Rs 284.31, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/1tS1teVmVg#SBPExchangeRate pic.twitter.com/zIgqJLQQSn
— SBP (@StateBank_Pak) November 6, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market also witnessed a change and were traded in the range of Rs 285 and Rs 287.5 as compared to Rs282 and Rs285 last Friday.
Like the greenback, the price of the Euro also went up by Rs 4.51 to close at Rs 306.59 compared to Rs 302.08 on the previous day.
The Japanese Yen witnessed appreciation by just 01 paisa to settle at Rs 1.90, whereas the British pound went up by Rs 7.01 to settle at Rs 353.64 against Rs 346.63 on Friday.
The exchange rates of the Emirates Dirham and the Saudi Riyal went up by 27 and 26 paisa to settle at Rs 77.67 and Rs 75.04, respectively.
Deprecation of Pakistani Rupee
After a continued appreciation for the 28th consecutive session in September and October, the Pakistani Rupee started depreciating for the last 11 working days. From September 6 till the last week of October, the local currency appreciated by over Rs35 in the interbank and over 55 in the open market.
However, during the last 11 days, the local currency started depreciating by Over Rs 6 both in the open market and interbank. On September 5, 2023, the Pakistani Rupee recorded the lowest value against the American dollar at over Rs307 in the interbank and over Rs330 in the open market.
