ISLAMABAD: Pakistani Rupee witnessed depreciation by 37 paisa on Tuesday against the American Dollar in the interbank trading and closed at Rs281.47 against Rs280.95 last day, as reported by the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/WThGvUMTHS#SBPExchangeRate pic.twitter.com/3mMwVVkQyF
— SBP (@StateBank_Pak) October 31, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market also observed a slight change and settled at Rs280.8 and Rs283.3 against the last day value of Rs280.6 and Rs283.1 respectively.
Like the greenback, the price of the Euro also went up by Rs 2.44 to settle at Rs298.84 as compared to Rs296.40 on the previous day, according to SBP.
However, the Japanese Yen remained constant and closed at Rs 1.87, while the British Pound observed an appreciation of Rs2.01 in the exchange rate and traded at Rs341.89 against Rs339.82 on Tuesday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went down by 14 paisa each to close at Rs75.02 and Rs76.63, respectively.
Deprecation of Pakistani Rupee
The last-day devaluation by 52 paisa was the seventh consecutive decline of the local currency against the US dollar. During the last six sessions, the local currency depreciated by Rs 2.16 against the US dollar in the interbank.
However, the local currency got a significant appreciation during the last one and a half months. On September 5, this year, Pakistani Rupee recorded the lowest value against the US dollar at over Rs307 in the interbank and over Rs330 in the open market.
However, due to a follow-up crackdown by the caretaker government, the local currency appreciated both at the interbank and open market, except for the last 7 days, including Monday.
