A noticeable gap between the interbank and open market rates for the US dollar emerged in trading on Monday, signalling potential pressure on the Pakistani rupee, according to figures released by the Exchange Companies Association of Pakistan.
The US dollar was quoted in the interbank market with a buying rate of 279.76 and a selling rate of 279.96. In contrast, the open market saw the American currency trading at a higher value, with a purchase price of 280.24 and a selling price of 280.80.
Other major international currencies also recorded high values against the local monetary unit. The Euro was being exchanged between 332.16 for buying and 335.20 for selling. Similarly, the British Pound Sterling (GBP) demonstrated strength, with quotations at 383.38 for purchase and 386.77 for sale.
Among other key foreign currencies, the Japanese Yen (JPY) was valued with a buying rate of 1.79 and a selling rate of 1.84.
Currencies from the Middle East also reflected the broader trend, with the UAE Dirham (AED) trading between 76.53 and 77.23. The Saudi Riyal (SR) was quoted with a purchase price of 74.80 and a sale price of 75.37, as per the day’s official data.