FLASHNEWS:

Currency Fluctuations Observed in Pakistani Forex Market

Karachi, The Pakistani foreign exchange market saw modest shifts in currency values between May 11 and May 13, 2024, as reported by the Exchange Companies Association of Pakistan. Key currencies such as the US dollar, euro, and British pound showed slight increases in their buying and selling rates over the weekend.

According to Exchange Companies Association of Pakistan, the US dollar moved from a buying rate of 276.65 to 277.01 and a selling rate of 279.20 to 279.55. The euro and British pound similarly experienced increases in their transactions, indicating a trend of slight appreciation against the Pakistani rupee. Other currencies like the Japanese yen, UAE dirham, and Saudi riyal also witnessed small adjustments in their exchange rates.

The interbank rates, notably absent in the data for May 11, were recorded on May 13, showing the US dollar at 278.20 for buying and 278.40 for selling. These figures suggest minor but noteworthy variations within the forex market over the specified period.

The changes in currency values are of interest to traders and economists, reflecting the ongoing dynamics of the international and local financial landscapes. Such fluctuations can impact various sectors including imports, exports, and remittances, influencing the broader economic conditions in the country.