Pakistani Rupee Devalues by 30 Paisa Against US Dollar As On 24th October 2023

In a recent development in Pakistan’s financial landscape, the Pakistani Rupee faced a 30-paisa devaluation against the US Dollar in interbank trading on Tuesday. The Rupee’s value closed at Rs 279.42 compared to the previous day’s closing rate of Rs 279.12, reflecting fluctuations in the foreign exchange market.

However, the Forex Association of Pakistan (FAP) reported different figures for the open market, with the buying and selling rates of the US Dollar standing at Rs 280.5 and Rs 283.1, respectively.

Euro and Other Currencies:

The Euro also experienced a shift in value, increasing by Rs 1.37 paisa, resulting in a closing rate of Rs 297.43 against the previous day’s Rs 296.06, according to the State Bank of Pakistan (SBP).

In contrast, the Japanese Yen remained unchanged, maintaining its previous closing rate of Rs 1.86.

Meanwhile, the exchange rate of the British Pound witnessed an increase of Rs 2.71, concluding at Rs 342.52, as compared to the last closing rate of Rs 339.81. These fluctuations in currency exchange rates reflect the dynamic nature of international financial markets.

Emirates Dirham and Saudi Riyal:

Additionally, the exchange rates of the Emirates Dirham and the Saudi Riyal experienced an 08-paisa increase each. The closing rates for these currencies were recorded at Rs 76.07 for the Emirates Dirham and Rs 74.48 for the Saudi Riyal.

These changes in exchange rates are closely monitored by financial analysts and market participants, as they can impact various aspects of the national economy, including trade, inflation, and foreign investments.

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