The Pakistani Rupee continued its downward spiral today against major international currencies, with the US dollar nearing the PKR 287 mark in the open market.
Exchange Companies Association of Pakistan reported the greenback trading between PKR 284.95 and PKR 286.10, signifying a further weakening of the local currency.
The British pound also saw gains, reaching a high of PKR 394.00 from PKR 391.21, while the Euro climbed to PKR 335.45 from 333.01. The Japanese Yen traded between PKR 1.93 and PKR 1.98. Regional currencies also strengthened against the Rupee, with the UAE Dirham reaching PKR 78.10 from PKR 77.65 low and the Saudi Riyal hitting PKR 76.40 from low of PKR 75.97.
In the interbank market, the dollar experienced a smaller fluctuation, trading within a tight range of PKR 283.72 to PKR 283.92. The persistent depreciation of the Pakistani Rupee raises concerns about the country’s economic stability and potential inflationary pressures.