ISLAMABAD: The Pakistani rupee strengthened by 3 paisa against the US dollar in interbank trading on Tuesday, closing at Rs278.37 compared to the previous day's closing of Rs278.40. This marginal appreciation reflects stability in the currency market.
Open Market Rates
According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market were recorded at Rs278.25 and Rs279.40, respectively. The spread between interbank and open market rates remains narrow, indicating balanced demand and supply.
Performance Against Major Currencies
The State Bank of Pakistan (SBP) reported mixed movements against other major currencies. The Euro appreciated by Rs0.47 against the rupee, closing at Rs321.14 from the previous day's Rs320.67. The British Pound rose by Rs1.01, closing at Rs372.10 compared to Rs371.09 earlier.
The Japanese Yen remained unchanged, closing at Rs1.73. The UAE Dirham stayed stagnant at Rs75.79, while the Saudi Riyal edged up by 3 paisa to close at Rs74.14.
Political Context
In related news, PML-N leader Saad Rafique has rejected claims of a rout for his party in the Gilgit-Baltistan elections, asserting that the party performed well despite challenges.
