ISLAMABAD: Pakistani rupee on Friday appreciated by 08 paisa against the US dollar in the interbank trading and closed at Rs278.56 against the previous day’s closing of Rs278.64.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs278.35 and Rs 279.85 respectively.
The price of the Euro decreased by Rs2.31 to close at Rs286.57 against the last day’s closing of Rs288.88, according to the State Bank of Pakistan (SBP).
The Japanese yen remained constant at Rs1.77, whereas a decline of Rs.3.33 paisa was witnessed in the exchange rate of the British Pound, which was traded at Rs345.55 as compared to the last day’s closing of Rs348.88.
The exchange rates of the Emirates Dirham and the Saudi Riyal decreased by 02 paisa each to close at Rs75.84 and Rs74.17, respectively.
On the other hand, the US Dollar (USD) dipped but stayed close to a two-year high against a group of peers on Friday on investor bets the gap between growth in the U.S. and elsewhere will widen, while Chinese blue chips suffered their biggest weekly fall since 2022.
The dollar index which tracks the currency against a basket of six other currencies, hit its highest since November 2022 on Thursday, as the euro fell to $1.02248 also its lowest since 2022. The pound and Japanese yen were at multi-month lows too.
While other currencies did manage to rebound a touch on Friday – the euro was last up 0.3% at $1.0297 – the dollar’s continued strength dominated the market mood.
“If a currency’s valuation is an expression of the degree of confidence in the growth outlook relative to other economies, it is a damning assessment of how the market reads the euro zone outlook versus that of the U.S. in 2025,” said Kenneth Broux, head of corporate research FX and rates at Societe Generale.
