Islamabad, Fe 7: The Pakistani Rupee (PKR) recorded a marginal gain against the US Dollar (USD) in the interbank market today. Opening the trading session at 280 per dollar, the currency remained largely stable throughout the day, fluctuating within the 278-281 range. By the close of trading, the PKR settled at 279, marking a slight appreciation.
In the open market, exchange rates remained steady, hovering between 279 and 282 against the greenback. Despite the rupee’s stability, it showed mixed performance against other major global currencies during today’s session.
The PKR appreciated by 0.03 percent on a day-on-day (DoD) basis, gaining 10 paisas to close at 279.04 against the USD. However, on a fiscal year-to-date basis, the currency has depreciated by 0.27 percent, reflecting the broader economic challenges facing Pakistan.
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Performance Against Other Major Currencies
The rupee exhibited a mixed trend against other foreign currencies in today’s interbank market. It recorded a slight gain of two paisas each against the UAE Dirham (AED) and the Saudi Riyal (SAR), indicating stability in regional trade.
On the other hand, the PKR faced losses against several other currencies. It depreciated by 53 paisas against the Canadian Dollar (CAD) and dropped by nine paisas against the Euro (EUR). However, it managed to recover Rs. 1.02 against the British Pound (GBP), signaling some strength against the UK currency.
Meanwhile, the Pakistani Rupee declined by 60 paisas against the Australian Dollar (AUD), reflecting fluctuations driven by global currency movements and economic indicators.
Market Outlook
The overall trend suggests that while the rupee remains relatively stable against the US Dollar, its performance against other major currencies remains volatile. Market analysts attribute this to shifting demand and supply dynamics in the foreign exchange market, alongside external economic pressures.
Moving forward, the rupee’s trajectory will largely depend on macroeconomic policies, foreign exchange reserves, and global market trends. Traders and investors are advised to monitor these factors closely to gauge future movements in the currency market.
Stay updated for more insights on exchange rate trends and financial market developments.
