ISLAMABAD: After witnessing an upward trend last week, the Pakistani rupee experienced a slight decline at the start of the week and went down by 27 paisas against the American Dollar in the interbank trading on Monday and closed at Rs285.42 compared to Rs 285.15 on the previous trading day.
Interbank closing #ExchangeRate for todayhttps://t.co/HlpjBd0UL1 pic.twitter.com/qCaPVGa8GH
— SBP (@StateBank_Pak) May 29, 2023
However, the customers are more concerned about the rate in the open market and its difference with the interbank. According to the Forex Association of Pakistan, the buying and selling rates of the greenback in the open market were entertained at Rs313 and Rs316, respectively. Customers are even complaining about the difference in the rates claiming its ranges from Rs 30 to Rs 40 in the open market compared to Interbank.
Pakistani Rupee Mix Response Against Other Currencies
Unlike the strong dollar, other currencies responded with a mixed reaction to the local rupee, where currencies like Pound, Dirham, and Riyal went up while Euro and Yen went down. The price of the Euro witnessed a decrease of 12 paisas to close at Rs305.99 against Rs 306.11 on Friday, while the Japanese yen depreciated by 01 paisa and closed at Rs2.03.
Meanwhile, the British Pound recorded an increase of 13 paisa in the exchange rate and traded at Rs 352.20 as compared to Rs 352.07 on the last trading day.
Saudi Riyal and Emirates Dirham also witnessed appreciation by 07 paisa each and settled at Rs 76.10 and Rs 77.72, respectively.
