Rupee continues upward trend against dollar

Rupee Strengthens by 87 Paisa Against the US Dollar as on 14th September 2023

In the latest financial update, the Pakistani Rupee continued its impressive streak, marking the seventh consecutive recovery session. It strengthened by 87 paisa against the US dollar in interbank trading, closing at Rs297.95, a significant improvement from the previous day’s closing rate of Rs298.82.

However, the Forex Association of Pakistan (FAP) reported slightly different figures for the open market, with the buying rate at Rs297 and the selling rate at Rs300 for the US dollar.

The Euro also experienced a decrease in value, dropping by Rs 1.08 to close at Rs319.88 compared to the previous day’s closing rate of Rs320.96, according to the State Bank of Pakistan (SBP).

Meanwhile, the Japanese Yen remained stable at Rs2.02, while the British Pound saw a decrease of 48 paisa in its exchange rate, closing at Rs372.12 as compared to the last closing rate of Rs372.60.

The exchange rates of the Emirates Dirham and the Saudi Riyal both decreased by 23 paisa each, closing at Rs81.12 and Rs79.43, respectively.

This significant change in currency exchange rates is noteworthy, with the rupee making impressive gains against the US dollar and other major currencies in just over a week.

On September 5th, the rupee was trading at Rs307.09 against the dollar in the interbank market, and by September 14th, it had strengthened to Rs297.95. Similarly, the Euro, British Pound, Emirates Dirham, and Saudi Riyal all saw substantial declines in their exchange rates during this period.

In the open market, the buying and selling rates of the dollar also witnessed a significant drop, contributing to the rupee’s recovery.

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