The US Dollar saw a mild dip in interbank trading as the Pakistani Rupee appreciated by 06 paisa, closing at Rs282.65 compared to the previous day’s Rs282.71, according to the State Bank of Pakistan.
In the open market, however, the dollar remained firmer, with buying and selling rates recorded at Rs284.8 and Rs285.3, respectively, as per the Forex Association of Pakistan (FAP).
Amid this minor dollar decline, the Euro jumped significantly—rising by Rs4.06 to settle at Rs326.75 from Rs322.69. This sudden spike hints at strengthening European currency trends or weakening regional sentiment.
Similarly, the British Pound showed strength, appreciating by Rs2.54 to reach Rs375.21, up from Rs372.67. The Japanese Yen also crept up by 04 paisa, now standing at Rs1.91.
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Contrary to these upticks, the Emirates Dirham and Saudi Riyal experienced slight declines, closing at Rs76.95 and Rs75.35, down by 02 and 01 paisa, respectively.
While the dollar’s dip might seem negligible, the sharp rise in Euro and Pound indicates shifting global currency dynamics. The appreciation of the Rupee in the interbank market may reflect controlled forex inflows or central bank interventions, but the elevated open market dollar rate suggests sustained demand.
The divergence between interbank and open market rates continues to reflect underlying pressure. Investors and importers should remain alert as cross-currency movements grow more volatile.
