ISLAMABAD: Pakistani Rupee on Monday witnessed a marginal devaluation of 18 paisa against the American dollar in the interbank trading and closed at Rs305.64 against Rs 305.47 the previous day as reported by State Bank of Pakistan.
Interbank closing #ExchangeRate for todayhttps://t.co/JEYlmLEvLb#SBPExchangeRate pic.twitter.com/zB8KyaKm9L
— SBP (@StateBank_Pak) September 4, 2023
However, the situation in the open market is still worrisome as the gap between interbank and open market is widening each day. Meanwhile, as per reports by the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs331 and Rs334 respectively.
According to the IMF conditions, there should be a difference of 1.25 percent, but the widening gap is too large to meet the conditions.
Pak Rupee Against Other Currencies
Unlike the greenback, the price of the Euro went down by Rs1.48 to settle at Rs330.04 as compared to Rs 331.52 on Friday.
The Japanese Yen also witnessed a devaluation and lost 02 paisa to settle at Rs 2.08, whereas the British Pound recorded a decrease of Rs1.46 in the exchange rate and was traded at Rs 385.96 against its previous day closing of Rs387.42.
However, the exchange rates of the Saudi Riyal and the Emirates Dirham appreciated by 04 and 05 paisa to close at Rs 81.48 and Rs 83.21 respectively.
