The Pakistan rupee’s value plummeted in the open market on Wednesday, with the US Dollar crossing a critical benchmark.
The foreign exchange market witnessed significant strain, reflecting underlying economic challenges. The American dollar concluded the day’s trading with a buying price of 281.59 and a selling price of 282.10.
The pressure on the domestic currency was further intensified by European currencies. The Euro reached a formidable high, being exchanged between 326.58 and 330.00. Similarly, the British Pound Sterling also demonstrated considerable strength, with its value fluctuating between 376.01 and 379.93.
This broad-based depreciation extended to other international currencies as well. The Japanese Yen was valued with a buying rate of 1.83 and a selling rate of 1.89.
Currencies from the Gulf region also showed a strong position. The UAE Dirham was traded at 76.79 for buying and 77.55 for selling, while the Saudi Riyal stood firm with rates of 75.06 and 75.65 for buying and selling, respectively.