Pakistani Rupee Strengthens as US Dollar Declines in Interbank and Open Markets

After a further decrease of one rupee, the US dollar is now being traded at 299.00 rupees in the interbank and open markets. Three weeks later, the price of the US dollar has fallen below 300 rupees in both the interbank and open markets, with a one rupee increase in the Euro’s price while the pound’s price remained stable.

According to the Forex Association’s report, on Wednesday, the buying rate of the US dollar in the interbank market dropped to 298.50 rupees, a decrease of 90 paisa, while the selling rate decreased by one rupee to 299.00 rupees. In the open market, there was also a decrease of one rupee, with the US dollar’s price falling to 296.00 rupees, and the selling price dropped to 299.00 rupees.

As per the Forex report, the buying rate of the Euro increased by one rupee to 317.00 rupees, while the selling rate rose to 321.00 rupees, with an increase of one rupee. However, the British pound’s buying rate remained at 368.00 rupees, and the selling rate stayed at 373.00 rupees.

On Wednesday, the State Bank’s closing rate for the US dollar was 298.82 rupees, a decrease of 1.07 rupees.