ISLAMABAD: After appreciating for 5 consecutive sessions, the Pakistani rupee finally ended the upward trend against the US dollar on Thursday as the local currency lost 14 paisa in the inter-bank market to settle at Rs 285.27 against Rs 285.13 last day as reported by State Bank of Pakistan (SBP)
Interbank closing #ExchangeRate for todayhttps://t.co/y54ReYUwKG#SBPExchangeRate pic.twitter.com/DbKEffhR62
— SBP (@StateBank_Pak) November 23, 2023
Meanwhile, the local currency in the open market remained stable while observing no change and settled at Rs286.50 and Rs283.50 for selling and buying respectively.
While being stable in the open market, the local currency observed a slight devaluation in the interbank due to the improvement of US dollar in the American market due to some positive economic indicators in the world largest economy.
Meanwhile, in a major development, the Federal Board of Revenue (FBR) has issued a deadline of November 30, 2023 to all commercial banks for payment of 40% additional tax on windfall income, profits and gains during calendar years 2021 and 2022.
Fluctuation in Value of Pak Rupee
The Pakistani Rupee recorded continues appreciation and depreciation during last couple of months. From September 6 till middle of October 2023, the local currency appreciated for 28 consecutive sessions followed by continued depreciation for 17th consecutive sessions from October till 15th November.
Later, from November 16th the local currency bounced back and got appreciation for five consecutive days till 22nd of this month. Market experts attribute the recent appreciation to the successful meeting about the second tranche of the $3 billion Stand-By Agreement with the IMF which is expected in first week of December.
Pak Rupee Against Other Currencies
Meanwhile on Thursday, selling and buying of other currencies against Pakistan rupee were settled as under
URRENCY SELLING BUYING
GBP 360.61 352.82
EUR 314.46 308.25
JPY 1.9336 1.8919
SAR 76.88 75.23
AED 78.52 77.34
