Pakistani Rupee Devalues by 51 Paisa Against US Dollar on November 13, 2023

The Pakistani Rupee experienced a 51-paisa devaluation against the US Dollar in interbank trading on Monday, closing at Rs 287.54 compared to the previous day’s closing at Rs 287.03.

According to the Forex Association of Pakistan (FAP), the open market rates for the Dollar were reported at Rs 287 for buying and Rs 289.5 for selling.

In addition to the movement in the Dollar exchange rate, the Euro saw an increase of Rs 1.15, closing at Rs 307.41 as compared to the previous day’s closing of Rs 306.26, as reported by the State Bank of Pakistan (SBP).

Meanwhile, the Japanese Yen remained unchanged, closing at Rs 1.89. On the other hand, the British Pound experienced an increase of Rs 1.48 in its exchange rate, trading at Rs 352.00 compared to the last closing of Rs 350.52.

The exchange rates of the Emirates Dirham and the Saudi Riyal also saw increments of 14 paisa each, closing at Rs 78.28 and Rs 76.66, respectively.

These fluctuations in currency exchange rates highlight the dynamic nature of the global financial landscape and the impact on Pakistan’s currency market. Investors and traders are advised to stay informed and adapt to these changes for effective financial decision-making.