ISLAMABAD: After the announcement by finance minister Ishaq Dar regarding the inflow of $2bn from Saudi Arabia a day earlier, the Pakistani rupee continued its upward trend for the second consecutive day, gaining Rs 1.09 against the US Dollar (USD) on Wednesday in the interbank trading and settled at Rs 277.48.
Interbank closing #ExchangeRate for today https://t.co/NzGscQlhBF#SBPExchangeRate pic.twitter.com/3tQ69UbKal
— SBP (@StateBank_Pak) July 12, 2023
Meanwhile as reported by the Forex Association of Pakistan (FAP), the buying and selling rates of greenback in the open market settled at Rs 278 and Rs 281 respectively.
Due to high inflation, and political and financial unrest, the local currency witnessed continuous depreciation during the last four to five months and on May 11, it touched the highest-ever Rs 290 in the interbank and over Rs 300 in the open market. These days, it even witnessed Rs 315 level and above in the open market.
Pak Rupee Against Other Currencies
Like the US dollar, the price of the Euro also went down by 85 paisa to close at Rs 305.90 against the last day’s closing of Rs 306.75.
The Japanese Yen remained unchanged to settle at Rs 1.98, whereas the British pound witnessed an increase of 13 paisa in the exchange rate and was traded at Rs 359.14 against Rs 359.01 on the last day.
The exchange rates of the Saudi Riyal and Emirates Dirham went down by 29 and 30 paisa to close at Rs 73.97 and Rs 75.54 respectively.
