ISLAMABAD: The Pakistani Rupee continued its recovery for the 13th consecutive session as it gained Rs 1.12 against the American Dollar in the interbank trading and closed at Rs 292.78 against Rs 293.88 on the previous day’s closing, as reported by the State Bank of Pakistan.
Interbank closing #ExchangeRate for today https://t.co/HDFfw4bKN9#SBPExchangeRate pic.twitter.com/TZ1lsMHqwR
— SBP (@StateBank_Pak) September 21, 2023
Meanwhile, the local currency also witnessed appreciation in the open market as according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market were traded in the range of Rs 293 and Rs 295.9 respectively.
Rupee Against Other Currencies
Like the greenback, the local currency recorded an upward trend against other international currencies. the price of the Euro witnessed a decrease by Rs2.31 to settle at Rs 311.98 against the last day’s closing of Rs 314.29, as reported by the SBP.
The Japanese Yen decreased by 1 paisa to settle at Rs 1.97, whereas the British Pound witnessed a decrease of Rs 3.17 in the exchange rate and was traded at Rs 360.23 against Rs 363.40 on Wednesday.
Meanwhile, the exchange rates of the Saudi Riyal and the Emirates Dirham went down by 29 and 30 paisa to settle at Rs 78.05 and Rs 79.71 respectively.
Economy experts predicted further appreciation in the local currency due to the recent crackdown by the government against hoarders and money lenders adding that the recent announcement by the Election Commission of Pakistan (ECP) to hold a poll in January would further help to stabilize the financial and political situation in the country.
