The Pakistani Rupee on Friday continued its downward trajectory against major international currencies on Friday, with the US dollar crossing the significant 280 mark in the open market, according to figures released by the Exchange Companies Association of Pakistan.
The greenback concluded the day’s trading at a buying rate of PKR 280.32 and a selling rate of PKR 280.99 in the open market. In the interbank market, the American currency was quoted at PKR 279.86 for buying and PKR 280.06 for selling, highlighting a noticeable gap between the two markets.
The local unit also demonstrated weakness against other key currencies. The Euro was valued between PKR 328.96 and PKR 331.94, while the Pound Sterling was exchanged for PKR 378.52 on the buying side and PKR 381.73 on the selling side.
Against currencies from key economic partners, the rupee’s position also showed depreciation. The Japanese Yen was traded between PKR 1.75 and PKR 1.81.
In trading against Middle Eastern currencies, the UAE Dirham was quoted at PKR 76.51 for buying and PKR 77.27 for selling. Similarly, the Saudi Riyal was priced at PKR 74.84 and PKR 75.42 for buying and selling, respectively.