ISLAMABAD: Appreciation of the Pakistani Rupee continued for the last 28th consecutive recovery session as on Monday, the local currency gained 79 paisa against the US Dollar in the interbank trading and closed at Rs 276.83 as compared to Rs 277.62 on Friday, reported by State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for todayhttps://t.co/ibl1yWdtfI#SBPExchangeRate pic.twitter.com/gUNSFzqWwg
— SBP (@StateBank_Pak) October 16, 2023
Meanwhile, like the interbank, the local currency continued its appreciation in the open market and was traded in the range of Rs 276 and Rs 278 for selling and buying, respectively.
Like the greenback, the Pakistani rupee also experienced its strength against other international currencies. The price of the Euro went down by Rs 1.47 to settle at Rs 291.61 compared to Rs 293.08 on the last day, as reported by SBP.
The Japanese Yen remained unchanged to settle at Rs 1.85; however, the British Pound recorded a decline of Rs 2.16 in the exchange rate and was traded at Rs 337.03 against Rs 339.19 on Friday.
The exchange rates of the Emirates Dirham and the Saudi Riyal also went down and witnessed a decline of 22 and 21 paisa to settle at Rs 75.36 and Rs 73.80, respectively.
Appreciation in Pakistani Rupee
The ongoing appreciation in the local currency has initiated bearing results as the caretaker government announced a significant decline in petroleum prices last night, up to Rs40 per litre. Meanwhile, the local currency got a huge appreciation since September 6.
On September 5, the Pakistani rupee was traded at the lowest-ever value of Rs 307 against the greenback in the interbank and over Rs 3,335 in the open market. On September 6, the caretaker government launched a massive crackdown against hoarding, smuggling, and other unlawful activities that resulted in an optimistic appreciation in the local currency. Since September 6, till date, the Pakistani rupee appreciated over Rs 30 in the interbank and over Rs 60 in the open market.
