The US Dollar closed marginally weaker than its previous day’s rate of Rs280.62. In the open market, as reported by the Forex Association of Pakistan (FAP), the dollar’s buying rate stood at Rs281.5 and its selling rate was Rs281.65. This small Rupee appreciation suggests a minor easing of pressure on the national currency.
European currencies experienced dramatic opposite movements. The British Pound witnessed a substantial jump, increasing by a solid 65 paisa to close at Rs367.71 compared to its previous Rs367.06. Conversely, the Euro saw a sharp dip, decreasing by Rs0.41 to close at Rs323.45, down from Rs323.86, according to the State Bank of Pakistan (SBP).
Other global currencies saw minor changes. The Japanese Yen edged up by 01 paisa, settling at Rs1.79. Meanwhile, two major Gulf currencies, the Emirates Dirham and the Saudi Riyal, both depreciated by a tiny 01 paisa each, closing at Rs76.39 and Rs74.81, respectively.
Read more: Gold price shockwave: Why did per tola rate not move today?
The simultaneous rise in the Rupee and the significant surge of the British Pound, while the Euro dropped, shows that this is not a simple story of overall currency strength. It is likely that the Pound's sudden jump is driven by very specific demand for remittances or trade with the UK, while the Rupee’s slight gain against the US Dollar might be due to timely market intervention or a small inflow of funds.
