The open currency market experienced extreme volatility on Monday, with the spread between the buying and selling rates of the US dollar widening to an extraordinary level, according to data released by the Exchange Companies Association of Pakistan (ECAP).
The American currency was recorded with a buying price of PKR 281.35, while its selling value soared to PKR 381.85. This created a significant disparity rarely seen in currency trading, indicating severe pressure on the greenback.
In sharp contrast, the interbank market reported a much narrower and more stable range for the US dollar. The closing rates for interbank trading were listed at PKR 280.80 for buying and PKR 281.00 for selling.
Other major international currencies traded within conventional margins. The Euro was quoted at PKR 324.54 for buying and PKR 327.73 for selling. The British Pound Sterling was available at a buying value of PKR 369.31 and a selling value of PKR 373.01.
Similarly, the Japanese Yen was priced at PKR 1.80 for buying and PKR 1.87 for selling.
Key regional monetary units also demonstrated stability. The UAE Dirham was recorded at PKR 76.61 (buying) and PKR 77.40 (selling), while the Saudi Riyal was traded at PKR 74.95 (buying) and PKR 75.59 (selling).