Pakistani Rupee Depreciates Against the US Dollar

On Friday, the Pakistani rupee experienced a depreciation of 6 paisa against the US dollar during interbank trading, closing at Rs278.00, compared to the previous day's rate of Rs277.94. This depreciation comes amidst ongoing fluctuations in the currency market.

In terms of the open market, the Forex Association of Pakistan (FAP) reported different buying and selling rates for the dollar. The buying rate was noted at Rs277.60, while the selling rate reached Rs279.10. This information indicates a gap between interbank and open market rates, which can often happen due to various economic factors.

Additionally, the value of the Euro increased by Rs1.25, closing at Rs294.23, compared to the last day's closing of Rs292.98, according to information from the State Bank of Pakistan (SBP). This rise in the Euro showcases the dynamic nature of currency exchange rates as global financial trends affect local markets.

Meanwhile, the Japanese yen saw a slight decrease, shedding 1 paisa to close at Rs1.84. In contrast, the British Pound observed a notable increase, gaining 80 paisa and trading at Rs354.83, up from the previous close of Rs354.03. These changes symbolize the ongoing shifts in currency values that affect import and export prices.

Furthermore, exchange rates for the Emirates Dirham and the Saudi Riyal also rose, with the Dirham increasing by 1 paisa to close at Rs75.68 and the Riyal growing by 3 paisa to reach Rs74.00. Such fluctuations are crucial for traders and businesses dealing with international transactions.

Rupee, Dollar, Forex