PKR slides to Rs. 280 against US Dollar for first time in months

The Pakistani Rupee (PKR) witnessed a slight depreciation against the US Dollar (USD) on Monday, closing at Rs. 280.06 in interbank trading. This marks the first time in months that the currency has reached the Rs. 280 threshold, reflecting ongoing fluctuations in the foreign exchange market.

Market Trends and Exchange Rates

According to the Forex Association of Pakistan (FAP), the dollar’s buying and selling rates in the open market stood at Rs. 280.25 and Rs. 281.75, respectively. The modest decline of 10 paisa from the previous closing of Rs. 279.96 highlights the rupee’s struggle to maintain stability amid shifting economic conditions.

The Euro, in contrast, saw a slight decrease of 11 paisa, settling at Rs. 303.13, as per the State Bank of Pakistan (SBP). Meanwhile, the Japanese Yen remained unchanged at Rs. 1.89. The British Pound also dipped, shedding 22 paisa to close at Rs. 361.00 compared to the prior rate of Rs. 361.22.

Gulf Currencies Show Minor Gains

In the Gulf currency market, the Emirates Dirham (AED) and the Saudi Riyal (SAR) inched upward. The Dirham saw a 3-paisa increase, closing at Rs. 76.25, while the Riyal rose by 2 paisa to settle at Rs. 74.65. These slight changes indicate stable demand for Gulf currencies, often linked to remittances and trade activities.

The rupee’s minor depreciation comes amid a broader context of economic challenges and policy adjustments. While currency fluctuations are common, market analysts continue to monitor exchange rate movements closely, particularly in light of global economic trends and domestic fiscal policies.

As Pakistan navigates economic pressures, investors and businesses remain attentive to future shifts in the forex market, with hopes of a more stable exchange rate in the coming months.

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