Pakistani Rupee Shed Further Against US Dollar

Mon Nov 27 2023
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ISLAMABAD: After a slight depreciation of 10 paisa last Friday, the Pakistani Rupee on Monday witnessed a further devaluation of 27 paisa against the American Dollar in the interbank trading to settle at Rs 285.64 against Rs285.37 on Friday, reported by State Bank of Pakistan (SBP).

Meanwhile, 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 on Monday and stood at Rs 285.2 and Rs 2888 respectively.

Like the greenback, the price of the Euro also registered an increase and went up by Rs 1.41 to close at Rs312.72 compared to Rs311.31 the previous day, according to SBP.

The Japanese Yen increased by just one paisa to close at Rs1.91, while the British Pound witnessed an increase of Rs2.06 to settle at Rs360.25 as compared to Rs358.19 on Friday.

The price of the Saudi Riyal and the Emirates Dirham went up by 08 and 07 paisa to close at Rs76.16 and Rs77.77, respectively.

Depreciation of Pakistani Rupee

The Pakistani Rupee has observed continuous fluctuation during the last couple of months. From September 6 till the middle of October 2023, the local currency improved for 28 consecutive sessions, followed by depreciation for 17 consecutive sessions from October to November 15.

Later, starting November 16, the local currency bounced back and appreciated for five consecutive days till the 22nd of this month. However, since last Thursday, the local currency against the US dollar went down by 51 paisa. Despite a slight depreciation for the last three days, experts believe the recent appreciation occurred due to the successful meeting about the second tranche of the $3 billion Stand-By Agreement with the IMF, which is expected in the first week of December.

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