ISLAMABAD: After an upward trend for 28 consecutive sessions, the Pakistani Rupee’s downward trend also completed 16 consecutive sessions as on Tuesday, the local currency witnessed a devaluation of 32 paisa against the American Dollar in the interbank trading and closed at Rs 287.87 against Rs 287.55 last day, reported by State Bank of Pakistan.
— SBP (@StateBank_Pak) November 14, 2023
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the greenback in the open market observed minor changes and settled at Rs 287.5 and Rs 290, respectively.
Like the US dollar, the price of the Euro also went up and witnessed an increase of 79 paisa to close at Rs 308.20 compared to Rs 307.41 last day, according to SBP.
However, the Japanese Yen remained constant and settled at Rs 1.89, while the British pound recorded an increase of Rs 1.95 in the exchange rate to settle at Rs 353.95 against Rs 352 on Monday.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 09 paisa each to close at Rs 76.75 and Rs 78.37, respectively.
Downward Trend of Pakistani Rupee
Depreciation of the local currency on Tuesday was the 16th consecutive devaluation against the American dollar. During the last 15 working days, the Pakistani Rupee went down by Over Rs 11 both in the open market and interbank.
On September 5, 2023, Pakistani Rupee recorded the lowest-ever value against the greenback at Rs307.2 in the interbank and over Rs333 in the open market. However, later, the local currency improved for 28 consecutive sessions.