Pakistani Rupee Weakens Further Against Major Currencies Amidst Import Pressure
The Pakistani rupee continues to lose ground against the US dollar and other currencies in the open market, primarily due to increased pressure for import payments.
The month of November witnessed substantial buying of the dollar for import payments, exacerbating the strain on the local unit.
As of Thursday, the exchange rate for the US dollar in the open market is 288.4 for buying and 291.15 for selling. The Euro rate has slightly increased to 307.5 for buying and 309.5 for selling, while the UK Pound Sterling remains stable at 354 for buying and 357.5 for selling.
The UAE Dirham (AED) experienced a marginal drop, with the new rate falling to 79.4, while the Saudi Riyal saw a decrease to 76.75.
Currency Exchange Rates in Pakistan – 16 November 2023:
- US Dollar (USD): Buying 288.4, Selling 291.15
- Euro (EUR): Buying 307.5, Selling 309.5
- UK Pound Sterling (GBP): Buying 354, Selling 357.5
- U.A.E Dirham (AED): Buying 79.4, Selling 80.2
- Saudi Riyal (SAR): Buying 76.75, Selling 77.5
