ISLAMABAD: On Friday, the Pakistani rupee experienced a slight depreciation of 06 paisas against the US dollar in interbank trading, closing at Rs 278.41, compared to the previous day’s rate of Rs 278.35.
In the open market, the Forex Association of Pakistan (FAP) reported that the buying and selling rates of the US dollar were noted at Rs 277.95 and Rs 279.45, respectively.
Euro and British Pound Exchange Rates Drop
The Euro saw a decline of 42 paisas, settling at Rs 289.05 from its earlier rate of Rs 289.47, as per data from the State Bank of Pakistan (SBP). Similarly, the British Pound recorded a significant drop of Rs 2.95, trading at Rs 348.09, down from its previous closing rate of Rs 351.04.
Also Read: The Pakistan Stock Exchange (PSX) Made a Strong Recovery on Friday
Stability in Japanese Yen and Rise in Middle Eastern Currencies
The Japanese yen remained steady, maintaining its value at Rs 1.77. In contrast, the Emirates Dirham and the Saudi Riyal edged upward, with the Dirham increasing by 02 paisas to close at Rs 75.80 and the Riyal gaining 01 paisa to settle at Rs 74.07.
Omani Rial Gains Strength Against PKR
On the same day, the Omani Rial (OMR) showed a rise of 26 paisas against the Pakistani rupee in the open market. The buying rate for 1 OMR was recorded at Rs 719.3, while the selling rate stood at Rs 727.8.
For perspective, this exchange rate translates to 500 OMR being equivalent to Rs 359,650, and 1,000 OMR amounting to Rs 719,300. This fluctuation carries importance for Pakistan’s expatriates in Oman, whose estimated population of 250,000 significantly relies on remittances.
Conclusion
Currency fluctuations like these impact both local and expatriate populations, influencing trade, remittances, and investment decisions. Keeping a close eye on exchange rate trends is vital for businesses and individuals alike.
Stay informed about the latest currency rates to make well-timed financial decisions!
