The Pakistan Rupee (PKR) strengthened slightly against the US Dollar on Friday, appreciating by 9 paisa in interbank trading. The PKR closed at Rs 278.50 compared to the previous day’s closing of Rs 278.59, demonstrating a modest gain in value.
Interbank Market Performance
According to the Forex Association of Pakistan (FAP), the buying and selling rates of the US Dollar in the open market were Rs 277.6 and Rs 280.5 respectively. This indicates a slight variation from the interbank rates, reflecting the dynamic nature of currency exchange in different market segments.
Euro and Pound Sterling Trends
The Euro experienced a notable decline, decreasing by Rs 3.06 to settle at Rs 298.22 from the previous closing of Rs 301.28. Similarly, the British Pound saw a reduction in value, dropping by Rs 1.71 to close at Rs 354.55, compared to the prior day’s closing of Rs 356.26. These shifts suggest a broader trend of strengthening for the PKR against major global currencies.
Other Currency Movements
- Japanese Yen: The exchange rate for the Yen fell by 1 paisa, closing at Rs 1.76.
- Emirates Dirham: The Dirham saw a minor decrease of 2 paisa, ending the day at Rs 75.82.
- Saudi Riyal: The Riyal also declined slightly, by 3 paisa, closing at Rs 74.23.
The overall trend in the foreign exchange market indicates a slight appreciation of the Pakistan Rupee against key currencies. These movements are critical for businesses and investors to monitor as they reflect underlying economic conditions and can influence financial strategies and decisions.
For the latest updates and detailed analysis on currency exchange rates, stay tuned to the business section of our portal.
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