ISLAMABAD: After a meager depreciation for a couple of days, the Pakistani rupee remained stable in the market on Wednesday and appreciated by 02 paisa against the American dollar and settled at Rs 287.13 against Rs 287.15 on the last day.
Interbank closing #ExchangeRate for todayhttps://t.co/LOOFhYNSP5 pic.twitter.com/iLtWM1zIzt
— SBP (@StateBank_Pak) May 24, 2023
However, as per reports received from the Forex Association of Pakistan, the buying and selling rates of the greenback witnessed above 300 in the open market and were recorded at Rs306 and Rs308, respectively.
Some reports say dollars in the open markets were traded in the range of Rs 308 and 310, possibly due to fear of a shortage of dollars in the market. A few days back, the greenback hit a historic high of Rs 299 against local currency in the interbank.
Pakistani Rupee Against Euro, Pound, Riyal, and Others
Like the American dollar, other international currencies had the same response to the Pakistani rupee. The price of the Euro went down 72 paisas to settle at Rs 309.51 compared to Rs 310.23 on Tuesday, as per reports of the SBP.
However, the Japanese Yen remained unchanged and settled at Rs 2.07, while, unlike other currencies, the British Pound experienced an increase of 71 paisa and traded at Rs 356.77 against Rs 356.06 on the last day.
The exchange rate of the Saudi Riyal witnessed a slight decline by 01 paisas to close at Rs.76.56, while the Emirates Dirham remained unchanged to settle at Rs 78.19.
After non-stop negligence, the government finally sensed the continued devaluation of local currency coupled with another major issue of disparity in the interbank and open market. A few months before, when the dollar was traded in the interbank below 220, the open market was recording it above 250, after which the government removed the artificial cap to bring down the difference.
On Tuesday, while chairing a meeting over the preparation of the coming budget, Prime Minister Shehbaz Sharif asked the concerned officials to take concrete measures to increase the revenue and boost the local currency.
Meanwhile the
However, the recent difference between the open market and the interbank emerged for the second time in the last three months, and the government is required to address the issue on a war footing.
