ISLAMABAD: After having a meager strength of Rs 07 paisa on Tuesday, the Pakistani rupee witnessed a slight decrease of 12 paisa against the US Dollar on Wednesday in the interbank and closed at Rs285.47 against Rs 285.35 last day. However, in the open market, the local currency is still above Rs310.
Interbank closing #ExchangeRate for todayhttps://t.co/K9BfoSuuw2 pic.twitter.com/omjDn6uqDO
— SBP (@StateBank_Pak) May 31, 2023
According to the Forex Association of Pakistan, buying and selling rates of the greenback in the open market were traded in the range of Rs 311-314.
Consumers are still worried about the interbank-open market disparity and claim the government might forcefully hold the dollar rate in the interbank as there is about a Rs 30 to 35 Rupee difference.
Euro Sheds, Pound Gains Against Rupee
Unlike the US dollar, the Euro’s price decreased by 54 paisa to settle at Rs 304.48 against Rs 305.02 on Tuesday, as per State Bank of Pakistan (SBP) reports.
The Japanese Yen got appreciation and went up by 01 paisa to settle at Rs2.04, while the British Pound increased by 02 paisas and was traded at Rs 352.60 against Rs 352.58 last day.
The Saudi Riyal and Emirates Dirham exchange rates increased by 03 paisas each to close at Rs 76.11 and Rs 77.72, respectively.
Economy experts contributed to the delay in the approval of the ninth review from the IMF as a significant cause of the weak position of the local currency.
