On Wednesday, the Pakistani rupee experienced a slight depreciation, falling by 13 paisa against the US dollar in interbank trading. The rupee closed at Rs 278.45, compared to the previous day’s closing rate of Rs 278.32, reflecting ongoing fluctuations in the currency market.
Interbank vs. Open Market Rates
Despite the depreciation in the interbank market, the open market saw slightly different rates. According to the Forex Association of Pakistan (FAP), the US dollar’s buying and selling rates in the open market were recorded at Rs 278.6 and Rs 280.1, respectively. This divergence between interbank and open market rates is not uncommon and highlights the variability in currency trading across different platforms.
Movement in Other Currencies
The rupee’s performance against other major currencies also showed mixed results:
- Euro: The Euro saw a slight decrease, dropping by 15 paisa to close at Rs 310.72, down from the previous day’s Rs 310.87. This decline aligns with broader trends in global currency markets, where the Euro has been under pressure.
- Japanese Yen: The Japanese yen showed a minimal increase, rising by 01 paisa to close at Rs 1.92. Although the change was small, it reflects the yen’s stable performance against the rupee.
- British Pound: The British Pound exhibited a more significant increase, gaining 86 paisa to trade at Rs 368.45, up from Rs 367.59. This surge could be attributed to the pound’s relative strength in the global market.
- Emirates Dirham and Saudi Riyal: Both the Emirates Dirham and the Saudi Riyal saw modest increases against the rupee. The Dirham rose by 04 paisa to close at Rs 75.81, while the Riyal increased by 03 paisa to close at Rs 74.20.
The depreciation of the Pakistani rupee against the US dollar, along with mixed movements in other currencies, underscores the volatility in the currency market. With global economic conditions remaining uncertain, these fluctuations are expected to continue. Stakeholders in the financial sector will be closely monitoring these trends as they navigate the evolving landscape of currency exchange rates.
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