The local currency appreciated by 01 paisa against the US Dollar and closed at Rs279.55 compared to Rs279.56 a day earlier. The small change reflects stable demand and supply in the interbank market.
According to the Forex Association of Pakistan, the buying and selling rates of the Dollar in the open market stood at Rs280.30 and Rs282.25. This shows a slight gap between interbank and open market rates.
Meanwhile, the Euro became stronger. As per the State Bank of Pakistan, the Euro increased by Rs1.72 to close at Rs330.44 compared to Rs328.72 previously.
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The Japanese Yen remained unchanged at Rs1.80. However, the British Pound gained Rs1.68 and closed at Rs377.92 against Rs376.24 earlier.
The Emirates Dirham and the Saudi Riyal slightly declined by 02 paisa and 01 paisa, closing at Rs76.10 and Rs74.52 respectively.
Currency dealers say the Rupee remained mostly stable due to balanced inflows and controlled demand for the Dollar. However, rising global trends supported the Euro and Pound.
The Rupee moved only slightly, which shows stability. There is no major pressure right now. But global currency trends are affecting Euro and Pound. If Dollar demand rises, the Rupee may face pressure again.
