ISLAMABAD: Depreciating by Rs1.30 for the last four days, the Pakistani Rupee on Friday witnessed another mild decline of 48 against the American Dollar in the interbank trading and closed at Rs 280.57 against Rs 280.09 last day as reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/ga33fPkTxi#SBPExchangeRate pic.twitter.com/3kEYPE2xN0
— SBP (@StateBank_Pak) October 27, 2023
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market also witnessed a slight change and were traded at Rs 280.5 and Rs 283 respectively.
Unlike the greenback, the price of the Euro recorded a decrease against the local currency by 65 paisa to close at Rs 296.17 against Rs 295.52 last day, according to SBP.
However, the Japanese Yen remained constant without a change to close at Rs 1.86, whereas the British Pound registered an increase of Rs 1.22 in the exchange rate and settled at Rs 339.94 as compared to Rs 338.72 the previous day.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 13 paisa each to close at Rs 74.78 and Rs 76.38, respectively.
Deprecation of Pakistani Rupee
The local currency witnessed a slight but continued depreciation for the last four consecutive sessions. During the last four days, the local currency depreciated by Rs 1.78 against the US dollar in the interbank with almost the same depreciation in the open market.
However, the local currency got a significant appreciation during the last one and a half months. On September 5, this year, the local currency witnessed the lowest value against the greenback at Rs307.2 in the interbank and over Rs330 in the open market. However, due to a follow-up crackdown by the government, the local currency appreciated both at the interbank and open market, except for the last four days, witnessing a mild depreciation.
