The rupee closed at Rs282.87 compared to the previous day’s Rs282.95. The subtle appreciation of the Rupee reflects cautious market optimism. However, the open market painted a slightly different picture.
According to the Forex Association of Pakistan (FAP), the Dollar was being bought at Rs285.1 and sold at Rs285.6, maintaining a higher premium compared to the interbank rate.
The Euro also saw a sharp dip, falling by Rs3.27 to close at Rs323.73, down from its earlier value of Rs327.00, as per the State Bank of Pakistan (SBP). This significant drop has caught the attention of investors keeping an eye on European market trends.
The British Pound took a bigger hit, losing Rs3.46 in value. It ended the day at Rs374.73, compared to Rs378.19 on the previous trading day. The Japanese Yen also edged down by 02 paisa to Rs1.89.
Read more: Gold prices dip by thousands of rupees again - Is this right time to buy?
Meanwhile, minor changes were noted in the Gulf currencies. The Emirates Dirham dropped by 02 paisa, closing at Rs77.01, while the Saudi Riyal slipped by 02 paisa to finish at Rs75.40.
The currency market showed a subtle but noteworthy shift, especially with the weakening of the Euro and Pound. The Rupee’s steady rise hints at short-term stability, possibly influenced by recent policy confidence or remittance flows. However, the Dollar’s higher open-market rate compared to interbank shows underlying pressure remains.
