The Pakistani rupee faced a significant decline against major international currencies on Monday, June 24. The US dollar saw a significant increase, reaching 285.80 rupees, while it was 284.51 rupees at the close of the previous day.
The euro and the British pound also took advantage of the weakening rupee. The euro rose from 329.24 rupees to 332.00 rupees, while the British pound rose from 385.76 rupees to 388.76 rupees.
Other currencies followed a similar trend. The Japanese yen rose from 1.92 rupees to 1.97 rupees. The UAE dirham strengthened from 77.46 rupees to 78.04 rupees, and the Saudi riyal also rose, closing at 76.30 rupees compared to the previous day’s 75.78 rupees.
Interbank exchange rates showed the overall weakness of the Pakistani currency. According to the data of the Exchange Companies Association of Pakistan, the dollar closed at 283.96 rupees, slightly higher than the previous figure of 283.76 rupees. These changes in the foreign exchange market point to growing concerns about Pakistan’s economic prospects.