Pakistani Rupee gained 21 paisa against the US dollar in the interbank market on Friday, November 8, 2024. This is 1 paisa up from the previous day’s close at Rs 277.94.
The rates of the US dollar in the open market were reported at Rs 277.30 and Rs 278.80, respectively for buying and selling, as stated by the Forex Association of Pakistan.
Major currencies also witnessed records of changes. Euro increased slightly by 3 paisa, closing at Rs 298.94 as against the previous day’s value of Rs 298.91, State Bank of Pakistan reports. Japanese Yen increased by 2 paisa and closed at Rs 1.82. British Pound increased by 23 paisa and the close was made at Rs 359.54, a relatively stable position in the currency demand range.
The UAE’s Dirham and the Saudi Riyal edged downwards slightly. The Dirham dropped 6 paisa to Rs 75.61, whereas the Riyal shed 5 paisa to Rs 73.93.
The rupee has been fluctuating – appreciating and depreciating – for the past few days. It fell by 5 paisa to close at Rs 277.94 against the dollar on Thursday. According to FAP’s open market rates issued on Thursday, it is Rs 277.50 for buying and Rs 279 for selling.
Other currencies closed as follows Thursday, the Euro closed lower by 18 paisa at Rs 298.91 while the Japanese yen remained stable at Rs 1.80 British Pound has reinforced from 82 paisa to Rs 359.31. The Emirates Dirham and the Saudi Riyal stood at Rs 75.67 and Rs 73.98, up marginally.
These fluctuations reflect global economic conditions and trends in the domestic market; the movement of the rupee is particularly being monitored with this given Pakistan’s continued economic adjustments.
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