On Monday, the Pakistani rupee declined against the US dollar, depreciating by 4 paisa in interbank trading to close at Rs 277.68 compared to the previous day’s rate of Rs 277.64. The Forex Association of Pakistan (FAP) also reported that, in the open market, the dollar buying and selling rates were Rs 277.25 and Rs 278.75, respectively.
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Forex Association Reports Dollar Rates in Open Market
Other major currencies showed mixed trends. The euro fell by 62 paisa, closing at Rs 299.96, as reported by the State Bank of Pakistan (SBP). In contrast, the Japanese yen declined by 1 paisa to settle at Rs 1.81. The British pound also slipped slightly, shedding 14 paisa to end at Rs 360.05 compared to the previous day’s Rs 360.19.
Mixed Performance for Major Currencies Against Rupee
In contrast, slight increases were observed in Middle Eastern currencies. Emirates Dirham rose by 1 paisa to close at Rs 75.60. Moreover, the Saudi Riyal appreciated by 2 paisa, finishing at Rs 73.93.
Global Market Trends Influence Pakistani Currency Fluctuations
These fluctuations in exchange rates reflect global currency market movements and continue to be influenced by Pakistan’s evolving economic landscape. These fluctuations in Pakistan’s currency exchange rates reflect the broader impact of global economic conditions and ongoing challenges within Pakistan’s economy. Rising inflation, fiscal imbalances, and external debt continue to pressure the rupee, affecting its value against major global currencies.
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