The Pakistani rupee faced a challenging trading day on Wednesday, exhibiting continued weakness against major international currencies, with the US dollar appreciating in the open market and the British pound nearing the 380-rupee threshold.
According to data released by the Exchange Companies Association of Pakistan, the US dollar was quoted at Rs 281.63 for buying and Rs 282.15 for selling in the open market. These figures represent a noticeable premium over the interbank rates, which stood between Rs 281.12 and Rs. 281.32, indicating strong demand for the greenback outside the banking system.
The local currency also lost significant value against other key global tenders. The Euro was traded at a buying rate of Rs 326.97 and a selling rate of Rs 330.07. Similarly, the Pound Sterling registered a high valuation, with its rates fluctuating between Rs 375.68 and Rs 379.55.
In trading against currencies from the Gulf region, the UAE Dirham was recorded at Rs 76.76 for buying and Rs 77.55 for selling. The Saudi Riyal was valued at Rs 75.01 and Rs. 75.65 for buying and selling, respectively.
The Japanese Yen, another currency tracked in the local market, was quoted with a buying price of Rs 1.83 and a selling price of Rs 1.89.