On Friday, the Pakistani rupee experienced a depreciation against the US dollar in both the interbank and open markets, indicating an increased demand for the American currency. According to data shared by the State Bank of Pakistan on Twitter, the local currency closed at 277.90 after depreciating by 0.31% against the US dollar in the interbank market.
In the open market, the US dollar strengthened by Rs1 to settle at Rs281. This fluctuation in the currency exchange rate comes after a day when the rupee surged by 0.13% to close at Rs277.04 against the greenback. The surge was attributed to positive sentiments in the market following the International Monetary Fund (IMF) loan deal.
The Forex Association of Pakistan also provided the foreign currency exchange rates for other currencies such as the Euro, UK Pound Sterling, U.A.E. Dirham, Saudi Riyal, and others in the open market on July 7, 2023. The exchange rates fluctuated between buying and selling prices, with the US dollar being bought at 277.9 and sold at 282.15.
In addition to the currency exchange rates, the price of gold in Pakistan was also reported. On Friday, the price of a single tola of 24-karat gold was Rs 207,800, while 10 grams of the same were recorded at Rs178,160. The price of 22k gold was slightly lower, with 10 grams being traded for Rs163,312 and a single tola being sold at Rs 190,482. It’s important to note that these rates are subject to change according to the international market, and they are provided by local gold markets and Sarafa Markets of different cities.
Pakistani rupee faced a slight depreciation against the US dollar in the interbank market, reflecting the dynamic nature of currency exchange rates. These fluctuations are influenced by various factors, including international financial agreements like the IMF loan deal. As the market continues to respond to these influences, further changes in the value of the rupee against the dollar and other currencies can be expected.
