ISLAMABAD: After a depreciation of 32 paisa last day, the Pakistani Rupee continued its downward trend for the 17th consecutive session as on Wednesday, the local currency went down by 27 paisa against the American Dollar in the interbank trading to settle at Rs 288.14 against Rs 287.87, last day, reported by State Bank of Pakistan (SBP).
— SBP (@StateBank_Pak) November 15, 2023
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback also observed a slight change in the open market to settle at Rs 288.5 and Rs 291, respectively.
Like the US dollar, the price of the Euro also went up by Rs 4.95 to settle at Rs 313.15 compared to Rs 308.20 last day, according to SBP.
The Japanese Yen recorded a slight appreciation of 02 paisa to settle at Rs 1.91, while the British Pound recorded an increase of Rs 5.21 in the exchange rate to close at Rs 359.16 against Rs 353.95 on Tuesday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 07 and 08 paisa to close at Rs 76.82 and Rs 78.45, respectively.
Continued Devaluation of Pakistani Rupee
Depreciation of the Pakistani Rupee on Wednesday was the 17th consecutive devaluation against the greenback. During the last 16 working days, the local currency depreciated by about Rs 11 to Rs12 in the open market and interbank.
On September 5, 2023, the Pakistani Rupee witnessed its lowest-ever value against the American dollar at Rs307.2 in the interbank and over Rs333 in the open market. However, later, the local currency improved for 28 consecutive sessions.