PKR downslide against dollar continues in interbank

KARACHI: The Pakistani Rupee (PKR) continued its downward slide for the second consecutive session against US dollar (USD) in the interbank on Tuesday, ARY News reported.

According to State Bank of Pakistan (SBP), the PKR witnessed Rs1.11 depreciation against US Dollar in the interbank trading and closed at Rs 286.39 against the previous day’s closing at Rs 285.28.

Interbank closing #ExchangeRate for todayhttps://t.co/soXvFXBizB#SBPExchangeRate pic.twitter.com/SFg5k8GYaY

— SBP (@StateBank_Pak) November 7, 2023

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of USD in the open market stood at Rs286 and Rs288.5 respectively.

The price of the Euro decreased by 38 paisa to close at Rs306.21 against the last day’s closing of Rs306.59, according to the State Bank of Pakistan (SBP).

The Japanese Yen remained unchanged as it closed at Rs1.90; whereas a decrease of Rs1.11 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs352.53 as compared to the last closing of Rs353.64.

The exchange rates of the Emirates Dirham and the Saudi Riyal increased by 30 paisa each to close at Rs77.97 and Rs76.34 respectively.

A day earlier, the US dollar (USD) appreciated Rs0.39 against the Pakistani rupee (PKR) in the interbank.