ISLAMABAD: After enjoying an optimistic last week, the Pakistani Rupee downfall continued for the 5th consecutive day while witnessing a decline of Rs1.66 against the US Dollar in the interbank.
At the closing of the day, the local currency was available at Rs286.81 against the previous day’s closing of Rs285.15.
Interbank closing #ExchangeRate for todayhttps://t.co/PMrUjl22FS#SBPExchangeRate pic.twitter.com/Fj8mJS9mH6
— SBP (@StateBank_Pak) July 21, 2023
Meanwhile, as reported by the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market settled at Rs289.5 and Rs292.5 respectively.
It is worth noting that under SBA (Standby Agreement) with the IMF, the Monetary body also set a condition to keep the parity between open market and interbank to be no more than 1.25%, while at present when the greenback is hovering around 290, the difference revolves around Rs 4. In other words, the coming days may be witnessed a further increase in the value of the dollar in the interbank to lower the parity with the open market.
Pak Rupee Against Euro, Pound, and Riyal
Unlike the greenback, the price of the Euro witnessed a decrease of 53 paisa to close at Rs 319.13 against Rs 319.66, on Thursday.
The Japanese Yen also went down by 02 paisa to close at Rs2.02, whereas the British pound recorded an increase of 71 paisa in the exchange rate and was available in the market at Rs369.12 as compared to its last day’s closing of Rs368.41.
In addition, the Saudi Riyal and the Emirates Dirham went up by 45 paisa each to close at Rs76.47 and Rs78.08 respectively.
