Rupee continues upward trend against dollar

Dollar rates today 1st December 2023

In a positive turn of events, the Pakistani Rupee gained 20 paisa against the US Dollar in interbank trading on Friday, closing at Rs 284.96 compared to the previous day’s closing at Rs 285.16. This upward trend reflects a boost in the country’s financial market, contributing to a more favorable exchange rate for the national currency.

The Forex Association of Pakistan (FAP) reported that in the open market, the buying and selling rates of the US Dollar stood at Rs 285.35 and Rs 287.9, respectively. This indicates a slightly higher rate in the open market compared to the interbank rate, suggesting ongoing market dynamics and fluctuations.

Additionally, the State Bank of Pakistan (SBP) revealed fluctuations in the exchange rates of other major currencies. The Euro witnessed a decrease of Rs 1.88, closing at Rs 310.49 against the last day’s closing of Rs 312.37. Meanwhile, the Japanese Yen experienced a marginal decrease of 02 paisa, closing at Rs 1.92.

Significant movement was observed in the exchange rate of the British Pound, which decreased by Rs 2.12. The Pound traded at Rs 360.05 in comparison to the last closing rate of Rs 362.17, showcasing a notable shift in currency valuation.

Moreover, the exchange rates of the Emirates Dirham and the Saudi Riyal also exhibited a decline, decreasing by 06 and 05 paisa, respectively. The Emirates Dirham closed at Rs 77.59, while the Saudi Riyal closed at Rs 75.96.

These fluctuations in currency exchange rates highlight the dynamic nature of the global financial market and the influence of various economic factors on currency valuations. Investors and financial analysts will be closely monitoring these developments as the market continues to respond to both domestic and international economic indicators.

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