ISLAMABAD: Pakistani Rupee on Friday appreciated by 76 paisa against the US Dollar in the interbank trading and closed at Rs 283.45 against the previous day’s closing Rs 284.21.

USD to PKR- Daily Updates

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 285.50 and Rs 286.55, respectively.

The price of the Euro decreased by Rs 1.46 to close at Rs 332.88 against the last day’s closing of Rs 334.34, according to the State Bank of Pakistan (SBP).

The Japanese yen came down by 03 paisa and closed at Rs 1.91, whereas a decline of Rs 3.86 was witnessed in the exchange rate of the British Pound, which was traded at Rs 381.59 compared to the previous day’s closing of Rs 385.45.

The exchange rates of the Emirates Dirham and the Saudi Riyal came down by 21 paisa to close at Rs 77.17 and Rs 75.55, respectively.

The money market showed resilience, with the 6-month Karachi Interbank Bid and Offer rates holding steady at 10.72% and 10.97%, respectively. Year-to-date, the PKR has depreciated by 6.55 rupees or 2.30%, while the current fiscal year decline remains at 11.22 paisa or 0.04%, reflecting a slight positive shift.

Ripple Effects on Pakistan and Its People

The modest PKR strength against the USD brings a flicker of relief to Pakistan’s economy and its residents. Slightly lower import costs for essentials like fuel and food could ease inflation, boosting household budgets. Businesses might see a brief respite in expenses, potentially stabilizing prices. Remittances hold a bit more value, aiding families reliant on overseas earnings. Yet, the government’s debt servicing remains a concern, though this uptick offers a moment of economic breathing space. Clear updates continue to guide informed choices.

The US Dollar (USD), the United States’ currency, reigns as the global trade leader. The Pakistani Rupee (PKR), overseen by the State Bank of Pakistan, echoes the nation’s economic pulse and market trends.