The Pakistani rupee experienced a slight appreciation against the US dollar at the start of the week, while the euro and British pound weakened against the local currency during a mixed trading session. On Monday, the rupee inched up by 3 paisa in interbank trading, closing at Rs277.47 compared to Friday’s Rs277.50.
Meanwhile, in the open market, the dollar traded at slightly higher rates than the interbank figures, with the Forex Association of Pakistan quoting a buying rate of Rs277.60 and a selling rate of Rs278.55.
In a significant development, the euro declined sharply by Rs1.31, settling at Rs321.85 against the previous rate of Rs323.16, as per the State Bank of Pakistan’s data. The British pound experienced an even steeper drop, falling Rs1.22 to close at Rs375.80, down from Rs377.02 the day before.
Regional currencies showed minimal fluctuations. The UAE Dirham remained steady at Rs75.55, while the Saudi Riyal dipped marginally by 1 paisa to Rs73.90. The Japanese Yen held firm at Rs1.73 without any change.
The rupee’s modest gain against the dollar indicates ongoing stability in Pakistan’s foreign exchange market, despite notable declines in the euro and pound. Analysts will closely monitor whether this pattern persists throughout the week, especially amid global economic challenges such as Middle East tensions that continue to impact oil prices and overall currency sentiment.
