Dollar rates 14th February 2024

In the dynamic landscape of currency exchange, the Pakistani Rupee demonstrated resilience on Wednesday, holding its ground against the US Dollar in interbank trading and closing at Rs279.31. While the Rupee maintained its stability on the official front, fluctuations were noted in the open market, reflecting the nuanced nature of foreign exchange dynamics.

In the interbank trading arena, the Rupee exhibited stability, with no significant changes against the US Dollar. The closing rate at Rs279.31 signals a steady performance, providing a sense of assurance to market participants and stakeholders.

Open Market Rates:

Contrastingly, the open market painted a different picture, according to the Forex Association of Pakistan (FAP). The buying and selling rates for the US Dollar were reported at Rs280.6 and Rs282.35, respectively. These variations highlight the influence of market forces on the currency’s value outside the official interbank transactions.

Euro’s Price Movement:

The Euro experienced a notable shift, decreasing by Rs1.97 to close at Rs298.90 against the last day’s closing of Rs300.87, as reported by the State Bank of Pakistan (SBP). This fluctuation emphasizes the sensitivity of global currencies to economic factors and geopolitical events.

Japanese Yen and British Pound:

In a marginal adjustment, the Japanese Yen lost 01 paisa, closing at Rs1.85. Simultaneously, a more significant decrease of Rs2.91 was witnessed in the exchange rate of the British Pound, which concluded at Rs350.45 compared to the previous closing of Rs353.36. These variations underscore the intricate nature of currency markets and the diverse factors influencing exchange rates.

Emirates Dirham and Saudi Riyal:

Conversely, the exchange rates of the Emirates Dirham remained unchanged, closing at Rs76.04. Meanwhile, the Saudi Riyal experienced a minimal decrease of 01 paisa, closing at Rs74.47. These subtle movements indicate the intricate balance maintained in the valuation of regional currencies.

The stability of the Pakistani Rupee against the US Dollar in interbank trading provides a foundation of confidence for the financial markets. However, the fluctuations observed in the open market and the shifts in other major currencies such as the Euro, Japanese Yen, and British Pound highlight the intricate and multifaceted nature of the global foreign exchange landscape. As the market continues to respond to economic indicators and geopolitical events, stakeholders remain vigilant to navigate the nuanced dynamics shaping currency valuations.

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