ISLAMABAD: The Pakistani Rupee ended the upward trend after 28 consecutive recovery sessions on Tuesday while shedding 20 paisa against the US Dollar in the interbank trading and closed at Rs 277.03 against the previous day’s closing of Rs 276.83, as reported by State Bank of Pakistan
Interbank closing #ExchangeRate for todayhttps://t.co/Xmpc8bGt0G#SBPExchangeRate pic.twitter.com/sdhbPZmUOK
— SBP (@StateBank_Pak) October 17, 2023
Meanwhile, according to the Forex Association of Pakistan (FAP), the local currency was traded in the open market almost at the same rate traded on Monday. On Tuesday, the buying and selling rates of the greenback in the open market settled at Rs 276.5 and Rs 278.5, respectively.
Like the greenback, the price of the Euro also went up and registered an increase of 40 paisa to close at Rs 292.01 against Rs 291.61 last day, as reported by SBP.
However, the Japanese Yen witnessed no change and closed at Rs 1.85, whereas the British pound recorded a slight increase of 09 paisa and was traded at Rs 337.12 as compared to Rs 337.03 on Monday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 05 and 06 to close at Rs 73.85 and Rs 75.42, respectively.
Upward Trend of Pakistani Rupee
On Tuesday, the Pakistan rupee depreciated after an interval of 28 consecutive recovery sessions. After September 5, the local currency initiated improvement from the highest ever Rs307.1 in the interbank and settled at Rs 276.83 on October 16 (last day).
Experts attributed the appreciation of over Rs31 in the interbank and over Rs60 in the open market to the recent crackdown by the caretaker government against hoarding, smuggling, and other unlawful activities in the country.
Meanwhile, the same appreciation also made bringing down the petroleum prices up to Rs40 per litre the previous day. Experts believe if the local currency experienced further appreciation, it would bring a further optimistic impact on the country’s economy.
