On Wednesday, November 1st, 2023, the Pakistani Rupee faced a devaluation of Rs1.17 against the US Dollar in the interbank trading, resulting in a closing rate of Rs282.64 compared to the previous day’s closing rate of Rs281.47.
However, the Forex Association of Pakistan (FAP) reported different rates for the open market. The buying rate for the Dollar was Rs281, while the selling rate was Rs283.5, providing a slightly more favorable option for currency exchange.
In addition to the fluctuations in the Dollar’s exchange rate, other major currencies also witnessed changes in their values. The Euro saw a decrease of 77 paisa, closing at Rs298.07 compared to the previous day’s closing rate of Rs298.84, as reported by the State Bank of Pakistan (SBP).
The Japanese Yen, on the other hand, experienced a marginal decrease of one paisa, closing at Rs1.86.
In contrast, the British Pound witnessed an increase of Rs1.11 in its exchange rate. It closed at Rs343.00, as opposed to the last closing rate of Rs341.89.
The Emirates Dirham and the Saudi Riyal also saw slight increases in their exchange rates, with both currencies gaining 32 paisa. The exchange rate for the Emirates Dirham closed at Rs76.95, while the Saudi Riyal closed at Rs75.34.
These fluctuations in exchange rates are indicative of the dynamic nature of global currencies and the impact of various economic factors. Currency traders and businesses need to stay informed about these changes to make informed financial decisions in international trade and finance.
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