On Monday, the Pakistani rupee experienced a slight depreciation of 15 paisa against the US dollar in the interbank market, closing at Rs 278.56, compared to the previous day’s closing of Rs 278.41. This small dip marks another day of fluctuation in the exchange rate as the rupee continues to struggle against major currencies.
In the open market, the Forex Association of Pakistan (FAP) reported that the buying and selling rates for the dollar stood at Rs 278.10 and Rs 279.60, respectively. These rates indicate some variation in the dollar’s value compared to the interbank rates, showing a slightly higher premium in the open market.
In addition to the dollar, other major currencies also saw changes. The Euro saw a notable increase, gaining 93 paisa to close at Rs 290.18, compared to Rs 289.05 on the previous day. The Euro’s rise reflects broader global economic trends and fluctuations in the value of the Euro against the Pakistani rupee.
Meanwhile, the Japanese yen remained stable, maintaining its value at Rs 1.77 with no significant changes in its exchange rate. The British Pound, however, experienced a surge, gaining Rs 1.83 to trade at Rs 349.92, compared to the last day’s closing of Rs 348.09. This fluctuation in the Pound reflects the global economic conditions that influence its value.
Additionally, the exchange rates for the Emirates Dirham and Saudi Riyal also saw slight increases, with the Dirham rising by 4 paisa to close at Rs 75.84, and the Saudi Riyal up by 5 paisa to close at Rs 74.12.
As the global financial environment continues to shift, these fluctuations in currency exchange rates highlight the ongoing volatility in Pakistan’s financial markets. The Pakistani rupee’s performance against major foreign currencies remains an area of concern for economic analysts and businesses alike.
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