The Pakistani rupee made a slight recovery on Tuesday, appreciating by 03 paisa against the US dollar in the interbank market. The local currency closed at Rs281.42 compared to the previous day’s closing rate of Rs281.45.
According to the Forex Association of Pakistan (FAP), the greenback was being traded in the open market at Rs282.25 for buying and Rs282.45 for selling.
Meanwhile, the State Bank of Pakistan (SBP) reported that the value of the Euro rose by Rs1, settling at Rs331.71 against the earlier closing of Rs330.71. The Japanese yen, however, remained stable and closed at Rs1.90.
In contrast, the British Pound gained momentum, appreciating by Rs1.05. The currency was recorded at Rs380.48 against Monday’s Rs379.43.
On the other hand, Gulf currencies saw a marginal decline. The exchange rate of the Emirates Dirham slipped by 01 paisa, closing at Rs76.61. Similarly, the Saudi Riyal dropped by 01 paisa, finishing the day at Rs75.03.
Market analysts noted that the rupee’s minor recovery was supported by stable inflows in the banking sector and reduced demand for the dollar from importers. They added that fluctuations in global currency markets also contributed to the mixed performance of major foreign currencies against the rupee.
The small upward movement of the local currency signals cautious optimism in the market, with traders closely watching upcoming economic indicators and developments in global financial markets.
Key Phrase: Rupee gains against dollar
Rupee Edges Up by 3 Paisa Against Dollar as Euro and Pound Gain in Interbank Market
