ISLAMABAD: The downward trend of the Pakistani rupee continued as the local currency witnessed a devaluation of Rs01 against the greenback in the interbank trading and closed at Rs302 compared to its previous day’s stand of Rs301, as reported by the State Bank of Pakistan.
Interbank closing #ExchangeRate for todayhttps://t.co/WpF9PYlRM9#SBPExchangeRate pic.twitter.com/hOkqhsgiiG
— SBP (@StateBank_Pak) August 28, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar also reached their highest-ever level in the open market, standing at Rs316 and Rs319, respectively.
This is for the 2nd time the open market witnessed a threshold of over Rs 315 during the last four months as in May 2023, the local currency against the dollar in the open market was traded in the range of Rs310 to Rs316.
Pakistani Rupee Against Other Currencies
Like the greenback, the price of the Euro also witnessed an increase by Rs 1.34 to settle at Rs326.15 compared to the last day’s closing of Rs324.81.
However, the Japanese Yen remained witnessed no change and settled at Rs2.06, whereas the British Pound observed an appreciation of 80 paisa and was trading at Rs379.67 against Rs378.87 on Friday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 26 paisas and 28 paisas to close at Rs80.49 and Rs82.22, respectively.
