The local currency raised questions about what’s keeping the currency stable amid ongoing economic uncertainty.
In the open market, however, the situation painted a slightly different picture. According to the Forex Association of Pakistan (FAP), the buying and selling rates for the dollar were reported at Rs288.30 and Rs288.60 respectively, showing a slight premium over the interbank rate.
Other major currencies also experienced subtle shifts. The Euro declined by Rs0.78, closing at Rs330.33 as per the State Bank of Pakistan, down from the previous day’s Rs331.11.
The Japanese Yen remained unchanged, settling at Rs1.91. Meanwhile, the British Pound saw a drop of Rs0.38, closing at Rs381.39 compared to Rs381.77 a day earlier.
The Emirates Dirham held firm at Rs77.58, while the Saudi Riyal slipped marginally by 01 paisa, ending the day at Rs75.97.
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The Rupee’s stability in interbank trading could signal cautious optimism or artificial control amid inflationary pressures. While the interbank rate remains firm, the slight premium in the open market indicates a real-time demand for foreign currency.
Minor fluctuations in other currencies, like the Euro and Pound, reflect global currency shifts and regional market impacts. Investors and traders should watch for upcoming policy moves or external shocks that could tip this calm into movement.
