The Pakistani rupee experienced a significant decline in the open market on Saturday, as the US dollar surged to a selling rate of 282.20, deepening concerns over the local currency”s stability. This sharp depreciation was mirrored by record highs for other major international currencies, indicating widespread pressure on the nation”s foreign exchange reserves.
According to figures released by the Exchange Companies Association of Pakistan, European currencies also demonstrated considerable strength against the local unit. The Euro was quoted with a selling price of 330.11 against a buying rate of 326.75.
Similarly, the British Pound Sterling climbed to a formidable 380.25 on the selling counter, with its purchase rate standing at 376.25, reflecting a broad-based weakening of the domestic currency.
Monetary units from key Middle Eastern partners also advanced. The United Arab Emirates Dirham was being traded at 77.50 for selling, while the Saudi Riyal reached a value of 75.65 in the open market.
The data further showed the Japanese Yen was being bought at 1.83 and sold at 1.90. The information provided by the association notably did not include rates for the interbank market.
These latest figures underscore a challenging environment for the local currency, with the rising cost of foreign exchange poised to affect the national economy.