Pakistani rupee slides against dollar and euro; Dirham and Riyal gain ground

On Tuesday, the Pakistani Rupee experienced depreciation against the US Dollar and the European Euro in both interbank trading and open market rates, as reported by the Foreign Exchange Association of Pakistan (FAP) and the State Bank of Pakistan (SBP). The Rupee closed at Rs 286.39 against the Dollar in interbank trading, marking a Rs1.11 depreciation from Monday’s rate. Open market rates for the Dollar were Rs 286 (buying) and Rs 288.5 (selling).

The Euro also saw a decline of 38 paise to close at Rs 306.21 on Tuesday. Meanwhile, the Japanese Yen maintained stability at Rs 1.90, while the British Pound fell by Rs1.11 paisa to Rs 352.53.

In contrast, the Emirates Dirham and Saudi Riyal appreciated by 30 paise each, closing at Rs 77.97 and Rs 76.34 respectively on Tuesday. These gains could be attributed to oil prices and regional economic conditions.

These currency fluctuations are influenced by a combination of global economic trends, geopolitical events, and domestic economic conditions in Pakistan, which have significant implications for international trade and investment.

On Tuesday, SBP also disclosed interbank closing exchange rates in Pakistan’s forex markets for major currencies including US Dollar, Saudi Riyal, UK Pound Sterling, UAE Dirham, and European Euro against PKR. These rates apply from 9 a.m. to 5 p.m. in the “Ready” section, may fluctuate throughout the day, and may differ slightly for retail transactions. The closing rate sets the next day’s opening rate.

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