Rupee gains Rs1.02 against US Dollar on 28th September 2023

In a noteworthy financial development, the Pakistani Rupee continued its impressive recovery streak for the 18th consecutive session. During the interbank trading, it made significant gains, strengthening by Rs 1.02 against the US dollar. Consequently, it closed at Rs 287.73, marking a positive shift from the previous day’s closing rate of Rs 288.75.

Meanwhile, as reported by the Forex Association of Pakistan (FAP), the open market exhibited slightly different dynamics. The buying rate for the US dollar stood at Rs 286.15, while the selling rate was Rs 289.

Furthermore, other major currencies also experienced fluctuations in their exchange rates. The Euro, for instance, saw a notable decrease of Rs 2.59, concluding the day at Rs 302.44 compared to its previous closing rate of Rs 305.03, according to the State Bank of Pakistan (SBP).

In the case of the Japanese Yen, a marginal decrease of 01 paisa was observed, settling its exchange rate at Rs 1.92. Similarly, the British Pound experienced a substantial reduction of 88 paisa in its exchange rate, closing at Rs 349.86, down from its previous rate of Rs 350.74.

The Emirates Dirham and the Saudi Riyal also witnessed a decrease in their exchange rates, both declining by 28 paisa each. The Emirates Dirham closed at Rs 78.33, while the Saudi Riyal concluded at Rs 76.70.

These developments reflect the evolving dynamics of the currency market in Pakistan, with the Pakistani Rupee displaying resilience and gaining ground against the US dollar in particular, while other major currencies also experienced fluctuations in response to global and domestic economic factors.

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