The Forex Association of Pakistan (FAP) said that the buying and selling rates for the dollar in the open market were recorded at Rs 288 and Rs 288.5, respectively, reflecting a wider gap between the official and open market rates.

In the broader currency market, the Euro experienced a dip, decreasing by Rs 1.62 to close at Rs 331.11, compared to the previous day’s closing of Rs 332.73, as per the State Bank of Pakistan (SBP) data.

Similarly, the Japanese yen fell by 01 paisa, settling at Rs 1.91, while the British Pound saw a decline of Rs 1.02, trading at Rs 381.77 compared to the previous rate of Rs 382.79.

Interestingly, the Emirates Dirham and the Saudi Riyal saw a rise, with both currencies increasing by 08 paisa each to close at Rs 77.58 and Rs 75.98, respectively.

Read more: PSX sees bullish turn: How surge in KSE-100 Index astonishes investors?

The Rupee’s depreciation against the US Dollar signals potential concerns for investors, but the disparity between the open market and official rates suggests ongoing market pressures.

The decline in major currencies like the Euro and British Pound could indicate shifts in global financial trends, while the rise in regional currencies like the Emirates Dirham and Saudi Riyal might be linked to regional economic factors. Investors should watch for further volatility in the coming days.