Dollar Stays Strong, Other Currencies Drop in Open Market
The US Dollar stayed strong in Pakistan’s open market on Monday. According to the Forex Association of Pakistan (FAP), the Dollar was bought at Rs 285.3 and sold at Rs 286.3.
The Euro dropped by Rs 2.15 and closed at Rs 330.73, compared to the previous day’s rate of Rs 332.88, according to the State Bank of Pakistan (SBP).
The Japanese Yen also saw a small fall of 01 paisa, ending at Rs 1.90. Meanwhile, the British Pound lost Rs 1.74 and closed at Rs 379.85, down from Rs 381.59.
The rates of Gulf currencies also decreased slightly. The Emirates Dirham dropped by 07 paisa to close at Rs 77.10, while the Saudi Riyal went down by 06 paisa, closing at Rs 75.49.
In the money market, 6-month Karachi Interbank rates stayed stable. The Bid rate was 10.72%, and the Offer rate was 10.97%.
So far this year, the Pakistani Rupee (PKR) has fallen by Rs 6.55, or about 2.30%. In the current financial year, the fall is just 11 paisa, showing some stability.
What It Means for People
The small gain in the Rupee’s strength may help reduce import costs, especially for fuel and food, which could ease inflation. Businesses might also benefit from slightly lower costs, while families who receive money from abroad (remittances) may get more value.
However, the country’s debt payments remain a challenge. Still, this small positive change gives some breathing room to Pakistan’s economy.
The US Dollar is the most-used currency in global trade, while the Pakistani Rupee (PKR), managed by the State Bank, shows how the country’s economy is performing.
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