On Tuesday, the Pakistani rupee depreciated against the US dollar and the European euro at both interbank and open market rates, according to the Foreign Exchange Association of Pakistan (FAP) and the State Bank of Pakistan (SBP). The rupee closed at Rs 286.39 against the dollar in interbank trade, a depreciation of Rs 1.11 from Monday’s rate. The open market rates for the dollar were Rs 286 (buying) and Rs 288.5 (selling).
The Euro also saw a decline of 38 paise to close at Rs 306.21 on Tuesday. Meanwhile, the Japanese Yen remained stable at Rs 1.90, while the British Pound fell by Rs 1.11 paise to Rs 352.53.
On the other hand, Emirates Dirham and Saudi Riyal appreciated by 30 paise each to close at Rs 77.97 and Rs 76.34 respectively on Tuesday. These gains could be attributed to oil prices and regional economic conditions.
These currency fluctuations are influenced by a combination of global economic trends, geopolitical events and domestic economic conditions in Pakistan, which have a significant impact on international trade and investment.
On Tuesday, the SBP also announced the closing interbank exchange rates in Pakistan’s foreign exchange markets for major currencies, including the US dollar, Saudi riyal, British pound, UAE dirham and European euro against PKR. These rates are valid from 9:00 am to 5:00 pm, may fluctuate throughout the day, and may vary slightly for retail transactions. The closing rate determines the next day’s opening rate.