ISLAMABAD: The Pakistani Rupee (PKR) recorded a slight gain against the US Dollar in the interbank market on Wednesday, appreciating by 01 paisa. According to the State Bank of Pakistan (SBP) and the Forex Association of Pakistan (FAP), the local currency closed at Rs. 280.06, compared to the previous day’s closing of Rs. 280.07.
In the open market, the buying and selling rates for the US Dollar were recorded at Rs. 280.75 and Rs. 282.8, respectively.
Performance Against Major Currencies
While the movement against the dollar was marginal, the rupee showed significant strength against several other major international currencies:
- Euro: Decreased by Rs. 1.46 to close at Rs. 327.16.
- British Pound (GBP): Dropped by Rs. 2.06 to close at Rs. 377.80.
- Japanese Yen: Fell by 01 paisa to settle at Rs. 1.78.
- Emirates Dirham (AED): Declined by 01 paisa to reach Rs. 76.24.
- Saudi Riyal (SAR): Remained stagnant, closing at Rs. 74.67.
Market Context
The stability in the exchange rate comes despite a volatile day at the Pakistan Stock Exchange (PSX), which saw a sharp decline of 976 points, closing at 185,543 points. Financial analysts note that while the equity market faced pressure, the currency market remained relatively firm due to balanced demand and supply of foreign exchange.
