KARACHI: The US dollar on Friday depreciated against the Pakistani rupee by 8 paisa in the interbank market and closed at Rs156.06, against last session s closing of Rs156.18 per US dollar.
In the open market, the green back further depreciated by 10 paisa to close at 156.30.
On Thursday, the Pakistani Rupee made fresh gains against US dollar in interbank and open market. In Interbank, US dollar became cheaper by 14 paisa, after which the new value of the US currency closed at Rs156.18.
Likewise, in the open market, the value of the US dollar fell 20 paisa and was closed at Rs156.40.
On Wednesday, the exchange rate of rupee against US dollar decreased by 0.13 paisa in interbank and was traded at Rs156.32 compared to last closing of Rs156.45.
However, according to Forex Association of Pakistan the buying and selling rates of dollar in open market were recorded at Rs156.20 and Rs156.80.
The SBP further reported that in interbank the price of Euro depreciated by 0.11 paisa and traded at Rs171.77 against the last closing of Rs171.88.
The exchange rate of Japanese Yen shed 01 paisa was traded at Rs1.45 against Rs1.46, whereas decrease of 0.13 paisa was witnessed in exchange rate of British Pound which was traded at Rs191.47 as compared to last closing of Rs191.60.
Exchange rates of UAE Dirham dipped by 03 paisa and Saudi Rayal also decrease by 04 paisa and were traded at Rs42.56 and Rs41.67 respectively.
In the previous two months, the local currency has significantly recovered against the greenback in both interbank and open markets; as the open market follows the similar trend – with slight fluctuations.
Analysts fear that the intense ongoing trade war between the United States and China would result in fluctuation of the U.S. dollar in the local market, and the value of the Pakistani rupee would stabilise depending on the measures taken by the government with appropriate economic policies.
Currency traders were of the view that the increasing inflows of remittance in have supported the local rupee in the market.
