Pakistani Rupee Strengthens Against the US Dollar
The Pakistani Rupee continued its upward trend against the US Dollar on Friday, appreciating by 05 paise in interbank trading. The Rupee closed at Rs279.81, improving from the previous day’s closing rate of Rs279.86.
Despite the minor appreciation in interbank rates, open market exchange rates remained slightly higher. According to the Forex Association of Pakistan (FAP), the buying and selling rates of the US Dollar stood at Rs280.1 and Rs281.6, respectively. Meanwhile, the Euro saw a significant increase of Rs3.73, closing at Rs302.07, compared to the previous day’s Rs298.34, as per data from the State Bank of Pakistan (SBP). The Japanese Yen experienced a marginal increase of 01 paise, settling at Rs1.88. Similarly, the British Pound (GBP) rose by Rs2.34, trading at Rs361.03, up from Rs358.69 in the last session.
Conversely, the exchange rates of the Emirates Dirham and Saudi Riyal declined slightly, dropping by 02 paise each. The Dirham closed at Rs76.18, while the Riyal settled at Rs74.59. The exchange rate of the British Pound (GBP) to the Pakistani Rupee (PKR) also reached Rs360.70, impacting businesses, travelers, and remittance flows between the two nations. Fluctuations in currency exchange rates are influenced by multiple factors, including market demand, economic indicators, geopolitical developments, and monetary policies. As a result, investors and financial analysts continue to monitor currency movements closely. The strengthening of the Pakistani Rupee reflects broader economic trends and foreign exchange market dynamics, which remain key areas of focus for policymakers and financial institutions.
