ISLAMABAD: After remaining high for over a month, the Pakistani Rupee depreciated for the second consecutive on Wednesday; the local currency witnessed a devaluation of Rs 3.24 against the US Dollar in the interbank trading and closed at Rs 280.29 as compared to Rs 277.03 last day, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/MaQrBcTLrz#SBPExchangeRate pic.twitter.com/vzQmy6TCsN
— SBP (@StateBank_Pak) October 18, 2023
Meanwhile, the local currency also witnessed a significant fall in the open market as, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market were traded at the level of Rs 280 and Rs 282, respectively. Last day, the local currency in the open market was traded between Rs274 and Rs277.
Pak Rupee Against Other Currencies
Like the greenback, other international currencies also recorded appreciation in the market. The price of the Euro went up by Rs 4.47 to settle at Rs 296.48 as compared to Rs 292.01 last day, as reported by the SBP.
The Japanese Yen increased 02 paisa to settle at Rs 1.87, whereas the British pound recorded an increase of Rs 4.81 in the exchange rate and was traded at Rs 341.93 against Rs 337.12 last day.
The exchange rates of the Saudi Riyal and the Emirates Dirham went up by Rs87 and Rs88 paisa to close at Rs 74.72 and Rs 76.30, respectively.
