Currency Fluctuations Noted in Pakistan’s Forex Market

Karachi, Pakistan's foreign exchange market has witnessed slight fluctuations in the rates of major currencies, as per the latest data released for the days of May 10 and May 11, 2024. The US dollar, Euro, and British Pound showed marginal changes in their buying and selling rates over the two days.

According to Exchange Companies Association of Pakistan, the buying rate for the US dollar on May 10 was 276.64, which slightly increased to 276.65 the following day. The selling rate saw a slight decrease from 279.25 to 279.20. The Euro and British Pound followed similar minor adjustments in their rates. The Euro decreased from a buying rate of 296.33 to 295.99, and the selling rate adjusted from 299.20 to 298.75. The British Pound's buying rate decreased from 344.53 to 344.38, with the selling rate remaining almost unchanged at 347.76.

Other currencies such as the Japanese Yen, UAE Dirham, and Saudi Riyal also experienced slight variations. The Yen's buying rate moved from 1.74 to 1.75, while the Dirham and Riyal showed incremental changes in both buying and selling rates. Notably, the Interbank rates for May 10 were recorded at 278.12 buying and 278.32 selling, but no rates were provided for May 11.

These currency movements reflect the ongoing dynamics within Pakistan's foreign exchange market, closely watched by traders and analysts for implications on the broader economy.