On Friday, the Pakistani rupee showed a slight appreciation of 07 paisa against the US dollar in interbank trading, closing at Rs 278.33 compared to the previous day’s closing of Rs 278.40. This minor gain reflects the ongoing fluctuations in the currency market.
Open Market Rates
According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market were recorded at Rs 278.50 and Rs 280.15 respectively. The difference between the interbank and open market rates indicates the varying demand and supply dynamics in different market segments.
Other Currencies’ Performance
The exchange rates for other major currencies showed mixed trends:
- Euro: The Euro saw a modest increase of 04 paisa, closing at Rs 302.05 against the last day’s closing of Rs 302.01, as reported by the State Bank of Pakistan (SBP).
- Japanese Yen: The Japanese yen depreciated by 02 paisa, ending the day at Rs 1.80.
- British Pound: The British Pound experienced a significant drop of 86 paisa, trading at Rs 358.20 compared to the previous day’s closing of Rs 359.06.
- Emirates Dirham and Saudi Riyal: Both the Emirates Dirham and the Saudi Riyal saw a decrease of 02 paisa each, closing at Rs 75.77 and Rs 74.19 respectively.
Market Analysis
The minor appreciation of the Pakistani rupee against the US dollar can be attributed to several factors, including market speculation, foreign exchange reserves, and international trade dynamics. The mixed performance of other currencies highlights the ongoing volatility and the influence of global economic conditions.
As the currency market continues to react to various economic indicators and geopolitical events, stakeholders are advised to stay informed and monitor trends closely to make well-informed financial decisions.
Afsheen Gohar believes in the power of clear, straightforward writing. Her blog posts tackle everyday topics with relatable insights and easy-to-follow advice. With a conversational style, she makes complex subjects feel understandable. She’s dedicated to sharing knowledge and empowering readers to take action. Find her latest posts on trending in social.
