ISLAMABAD: After a depreciation of Rs1.3 on the previous working day, the Pakistani Rupee on Monday witnessed a further devaluation of 37 paisa against the US Dollar in the interbank trading and closed at Rs280.95 against Rs280.57 on the previous day as reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/AAZq6KeObu#SBPExchangeRate pic.twitter.com/DhtKh56Aa6
— SBP (@StateBank_Pak) October 30, 2023
However, 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 to settle at Rs 280.6 and Rs 283.1 against the previous day value of Rs 280.5 and Rs 283 respectively.
Like the greenback, the price of the Euro against the local currency also went up by 23 paisa to settle at Rs296.40 as compared to Rs296.17 on Friday, according to SBP.
Meanwhile, the Japanese Yen went up by 01 paisa to settle at Rs 1.87, whereas the British Pound observed a decline of 12 paisa in the exchange rate to settle at Rs339.82 as compared to Rs339.94 on the previous day.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by 10 and 11 paisa to close at Rs 74.88 and Rs 76.49, respectively.
Deprecation of Pakistani Rupee
The devaluation of 38 paisa on Monday was the sixth consecutive depreciation of the local currency against the greenback. During the last five or six sessions, the local currency depreciated by Rs 2.16 against the US dollar in the interbank.
However, the local currency got a significant appreciation during the last one and a half months. On September 5, this year, the local currency experienced the lowest value against the US dollar at over Rs307 in the interbank and over Rs330 in the open market. However, due to a follow-up crackdown by the government, the local currency appreciated both at interbank and open market, except the last 6 days, including Monday.
