On Wednesday, August 21, 2024, the Pakistani rupee witnessed a slight devaluation against the US dollar in interbank trading. The rupee closed at Rs 278.52, a decline of 18 paisa compared to the previous day’s closing of Rs 278.34. This ongoing fluctuation reflects the current volatility in the currency exchange market.
Open Market Rates
In the open market, the buying and selling rates of the US dollar were reported at Rs 279.60 and Rs 280.30, respectively, according to the Forex Association of Pakistan (FAP). These rates indicate a slight premium over the interbank market, which is typical as demand and supply dynamics differ between the two markets.
Euro and Other Currencies
The Euro also experienced a rise in value, appreciating by Rs 1.21 to close at Rs 309.59 compared to the last day’s closing of Rs 308.38. This increase suggests a stronger Euro against the rupee amidst ongoing economic uncertainties.
The Japanese yen saw a modest increase of 01 paisa, closing at Rs 1.90. Meanwhile, the British Pound surged by 76 paisa, trading at Rs 362.59 compared to the previous day’s rate of Rs 361.83. This increase reflects the pound’s relative strength in the global market.
Decrease in Emirates Dirham and Saudi Riyal
On the other hand, slight decreases were observed in the exchange rates of the Emirates Dirham and the Saudi Riyal. The Emirates Dirham fell by 05 paisa, closing at Rs 75.83, while the Saudi Riyal decreased by 04 paisa to close at Rs 74.22.
The fluctuations in these exchange rates highlight the ongoing challenges faced by the Pakistani economy in maintaining currency stability. As global economic conditions continue to evolve, monitoring these rates becomes crucial for businesses and individuals involved in foreign exchange transactions.
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