KARACHI: The US dollar exchange rate in Pakistan further decreased against Pakistani rupee, causing it to depreciate by 50 Paisa or Re0.50 in the open market on Oct 27 (Friday).
The exchange rate shifted from Rs282 to Rs281.50.
Currency dealers reported that, throughout the day, the rupee’s selling rate was quoted at 281.50, while its buying rate for customers was 278.50.
Simultaneously, in the inter-bank market, the Pakistan rupee was traded at 280.57 against the US dollar on Friday.
According to the State Bank of Pakistan (SBP), the official exchange rate stood at 280.57, reflecting a decrease of Re0.48.
Interbank closing #ExchangeRate for todayhttps://t.co/ga33fPkTxi#SBPExchangeRate pic.twitter.com/3kEYPE2xN0
— SBP (@StateBank_Pak) October 27, 2023
It’s worth noting that one of the structural benchmarks established by the International Monetary Fund (IMF) requires the gap between exchange rates in the inter-bank and open markets to be less than 1.25%.
