ISLAMABAD: The Pakistani rupee registered a slight loss against the American dollar in the interbank on Monday, depreciating 0.18% or 0.51 piasa. However, in the open market, the story was quite different.
According to the State Bank of Pakistan (SBP), the local currency settled against the greenback at Rs286.19, against Rs285.68 on the last trading day.
Interbank closing #ExchangeRate for today https://t.co/SRvYxb5tUY#SBPExchangeRate pic.twitter.com/OWkEpmoMz5
— SBP (@StateBank_Pak) June 5, 2023
However, in the open market, the Pakistani rupee was traded in the red zone and witnessed a loss of Rs 5 to 10 while trading in the range of Rs 305 to Rs 310 against the American dollar.
Pak Rupee Difference Between Interbank and Open Market
During the closing of the last week, the greenback was traded around Rs 295 to 99 in the open market. However, consumers were complaining about the shortage of dollars in the market, and still, they are facing the issue. A couple of weeks back, the disparity between the open market and interbank reached over Rs 35 to Rs 40, and the dollars were hardly available below Rs 315.
However, the SBP maintained in a statement that authorized foreign exchange dealers to purchase the greenback from the inter-bank market to settle card-based cross-border transactions with international payment schemes such as Visa and MasterCard. The move helped to bring the rates down in the open market below Rs 295.
Meanwhile, the greenback got its ground globally for the last few days after some improvement in the debt ceiling and fear of default issues.
Rupee Against Other Currencies
Meanwhile, the price of the Euro went up by Rs1.43 to close at Rs 306.10 Rs307.53, while the Japanese Yen came down by 01 paisa and settled at Rs2.04. The British Pound depreciated by Rs2.76 and was traded at Rs355.10 as compared to Rs357.86 on the last trading day.
The exchange rate of the Saudi Riyal and Emirates Dirham went up by 14 paisas each to settle at Rs 76.30 and Rs 77.91, respectively.
