FLASHNEWS:

Exchange Rates Show Minor Fluctuations in Pakistan’s Currency Market

Karachi, In the latest financial update from the Exchange Companies Association of Pakistan, minor fluctuations were noted in the exchange rates of major currencies in the local market for the dates of February 27 and 28, 2024. The US dollar, Euro, British Pound, Japanese Yen, UAE Dirham, and Saudi Riyal saw slight adjustments in their buying and selling rates, reflecting the ongoing dynamics of Pakistan's currency exchange sector.

According to Exchange Companies Association of Pakistan, the US dollar was quoted at a buying rate of 279.45 PKR and a selling rate of 282.04 PKR on February 27, which slightly adjusted to a buying rate of 279.49 PKR and remained steady at a selling rate of 282.04 PKR the following day. The Euro experienced a decrease in its buying rate from 302.00 PKR to 301.04 PKR and an increase in its selling rate from 304.80 PKR to 304.98 PKR from February 27 to February 28.

The British Pound decreased from a buying rate of 352.75 PKR to 351.96 PKR and a selling rate of 356.02 PKR to 355.25 PKR over the same period. The Japanese Yen remained stable with its buying and selling rates at 1.83 PKR and 1.86 PKR, respectively, on both days. The UAE Dirham and Saudi Riyal also saw no change in their rates, maintaining a steady market position.

In the interbank market, the rate of the US dollar saw a slight decrease from a buying rate of 279.28 PKR to 279.12 PKR and a selling rate of 279.48 PKR to 279.32 PKR from February 27 to February 28, indicating minor adjustments in the interbank exchange rates.

These exchange rate movements reflect the subtle yet constant changes in Pakistan's foreign exchange market, highlighting the economic factors at play in determining the value of the Pakistani Rupee against other major currencies.