In a remarkable streak of recovery, the Pakistani Rupee continued its upward trajectory for the 24th consecutive session, gaining Rs1.15 against the US dollar in interbank trading. The day concluded with the rupee closing at Rs280.50, a notable improvement from the previous day’s closing rate of Rs281.65.
While the interbank rate showcased this significant surge, the Forex Association of Pakistan (FAP) reported slightly different figures for the open market. According to FAP, the buying rate for the dollar stood at Rs277.3, while the selling rate was Rs280.
In addition to the rupee’s strengthening against the dollar, other currency exchange rates also experienced fluctuations. The Euro’s value increased by Rs1.11, closing at Rs297.54, compared to the previous day’s rate of Rs296.43, as reported by the State Bank of Pakistan (SBP).
Meanwhile, the Japanese Yen remained stable, maintaining its previous rate of Rs1.88. In contrast, the exchange rate of the British Pound saw a decrease of Rs1.16, closing at Rs344.11, down from the previous closing rate of Rs342.95.
Among the Middle Eastern currencies, the Emirates Dirham and the Saudi Riyal both witnessed modest declines. The Emirates Dirham decreased by 32 paisa, closing at Rs76.36, while the Saudi Riyal closed at Rs74.78 after a decrease of 30 paisa.
These fluctuations in currency exchange rates reflect the ongoing dynamics in the global financial markets and Pakistan’s economic landscape, with the rupee showing resilience in the face of economic challenges.
Afsheen is a writer with an extensive experience in creating authentic and well-researched articles.