Exchange Rate Fluctuations Noted in Pakistan’s Currency Market

Karachi, The foreign exchange market in Pakistan witnessed slight fluctuations in major currencies on April 2, 2024, following the trends recorded on the previous day. The US Dollar (USD), Euro (EUR), British Pound (GBP), Japanese Yen (JPY), United Arab Emirates Dirham (AED), and Saudi Riyal (SR) experienced minor changes in their buying and selling rates, reflecting the ongoing economic dynamics in the country.

According to Exchange Companies Association of Pakistan, the USD was traded at a buying rate of 277.64 and a selling rate of 280.04, showing a marginal decrease compared to April 1, when it was bought and sold at 277.81 and 280.20 respectively. The Euro followed a similar pattern, decreasing from a buying rate of 297.73 to 296.25 and a selling rate from 300.50 to 299.13. The GBP saw a reduction in its rates from 348.90 to 346.48 in buying and from 352.05 to 349.85 in selling.

The JPY, AED, and SR maintained stability with slight variances in their rates. The interbank rate for the USD also saw a minor decrease, moving from 277.94 to 277.84 in buying and 278.14 to 278.04 in selling.

These shifts in currency rates are reflective of the ongoing financial adjustments and market speculation within Pakistan's economic landscape, hinting at the intricate balance of supply and demand in the foreign exchange sector.