ISLAMABAD: After witnessing a meager gain the last day, the Pakistani rupee strengthened further on Thursday while gaining Rs1.39 against the US Dollar in the interbank trading and closed at Rs285.74 compared to Rs287.13 the previous day.
State Bank of Pakistan also mentioned the interbank closing for Thursday.
Interbank closing #ExchangeRate for todayhttps://t.co/bcLz8SOKBm pic.twitter.com/WR6OVIdLsT
— SBP (@StateBank_Pak) May 25, 2023
However, citizens’ response to the state bank tweet was not encouraging as they were complaining about rates and shortage of dollars, particularly in the open market.
Meanwhile according to the Forex Association of Pakistan, buying and selling rates of the greenback in the open market were recorded in the range of Rs309-Rs312.
Pak Rupee against other currencies
Like the greenback, other currencies responded similarly against the Pakistani rupee. The British Pound decreased Rs 3.11 against the local currency and was traded at Rs353.66 against a closing of Rs356.77 last day. The price of the Euro also went down by Rs2.87 to close at Rs 306.64 compared to its last day’s closing of Rs309.51.
The Japanese Yen decreased by 03 paisas in the exchange rate and closed at Rs2.04. Meanwhile, the price of the Saudi Riyal and Emirates Dirham witnessed a decline of 37 and 38 paisa to close at Rs76.19 and Rs77.81, respectively.
Exchange Rates experts believe the recent appreciation of the local currency in the interbank might display some optimistic results, however, they are worried about the increasing tendency in the open market, where customers hardly get dollars over Rs 310. They demanded the government overcome the ongoing disparity, which has brought the market under pressure.
