The local currency closed at Rs284.71 compared to Rs284.45 on the previous trading day, according to the Forex Association of Pakistan (FAP).

While the interbank rate showed a slight dip, the open market painted a different picture. The dollar was being bought at Rs287.25 and sold at Rs287.65—signaling increasing pressure on the local currency.

The Euro also gained strength, climbing 35 paisa to close at Rs332.74, up from Rs332.39, as per the State Bank of Pakistan (SBP).

Interestingly, the Japanese yen remained steady, holding its ground at Rs1.93. Meanwhile, the British Pound dipped by 96 paisa, ending at Rs384.01 compared to the prior Rs384.97.

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Minor fluctuations were also seen in Gulf currencies. The Emirates Dirham and Saudi Riyal both edged up by 07 paisa, closing at Rs77.51 and Rs75.91 respectively.

Experts link the depreciation to rising demand for the dollar in import settlements and uncertainty in global markets. With foreign exchange reserves still facing volatility and investor sentiment being cautiously optimistic, the rupee’s movements will remain under close watch in the coming days.