On Thursday, 22nd August 2024, the Pakistani rupee experienced a slight devaluation against the US dollar, continuing its recent trend of weakening. In the interbank market, the rupee lost 14 paisa, closing at Rs 278.66, compared to the previous day’s closing rate of Rs 278.52.
Open Market Dollar Rates
In the open market, the Forex Association of Pakistan (FAP) reported that the buying and selling rates of the US dollar were Rs 279.10 and Rs 280, respectively. The marginal difference between the interbank and open market rates reflects the ongoing pressures on the rupee in both markets.
Movement of Other Major Currencies
The Pakistani rupee also saw fluctuations against other major currencies. The Euro appreciated by Rs 1.05, closing at Rs 310.64, up from Rs 309.59 the previous day. Similarly, the British Pound strengthened by Rs 2.5, trading at Rs 365.09 compared to the last session’s closing rate of Rs 362.59.
Meanwhile, the Japanese yen edged up slightly by 01 paisa, closing at Rs 1.91. The exchange rates of the Emirates Dirham and the Saudi Riyal also saw minor increases, each rising by 04 paisa to close at Rs 75.84 and Rs 74.26, respectively.
The continued devaluation of the Pakistani rupee against the US dollar and other major currencies reflects the ongoing economic challenges faced by the country. As global and domestic factors continue to influence exchange rates, the rupee’s performance remains under scrutiny by traders and investors alike.
This trend underscores the importance of monitoring currency movements closely, particularly for those involved in foreign exchange trading, imports, and exports.
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