The Pakistani Rupee (PKR) appreciated by 11 paisa against the US Dollar (USD) in interbank trading on Tuesday, closing at Rs. 279.95, an improvement from Rs. 280.06 recorded a day earlier. This marginal gain reflects a stabilizing trend in the currency market, supported by improved foreign exchange inflows and positive investor sentiment.
On Monday, the PKR had touched Rs. 280 per USD for the first time in over a year, signaling pressure on the local currency. However, Tuesday’s appreciation suggests a possible correction in the exchange rate. Meanwhile, the Euro recorded a significant gain of Rs. 2.09, rising to Rs. 305.22 from Rs. 303.13, according to data from the State Bank of Pakistan (SBP). The increase in the Euro’s value may be attributed to its global strengthening against major currencies.
The Japanese Yen saw a modest rise of 1 paisa, reaching Rs. 1.90, while the British Pound (GBP) also strengthened, appreciating by 72 paisa to close at Rs. 361.72, up from Rs. 361.00. The Pound’s upward movement suggests increased demand for the currency in the local market.
On the other hand, the Emirates Dirham (AED) and Saudi Riyal (SAR) witnessed minor declines, with the Dirham slipping by 3 paisa to settle at Rs. 76.22, and the Riyal decreasing by 1 paisa to Rs. 74.64. These slight fluctuations reflect routine market adjustments based on trade flows and remittances.
Overall, the local currency market remained relatively stable, with minor fluctuations driven by supply and demand dynamics, international currency trends, and Pakistan’s economic outlook.
