The Pakistani Rupee faced continued pressure from major international currencies on Tuesday, as the US Dollar held steady above the 280 mark while the Pound Sterling and Euro traded at significantly high rates in the open market, according to data issued by the Exchange Companies Association of Pakistan.
The American currency was quoted for buying at PKR 280.55 and for selling at PKR 281.20.
Meanwhile, other prominent currencies also demonstrated strength against the local unit. The Euro was available for purchase at PKR 329.59 and for sale at PKR 332.70. The Pound Sterling recorded even higher values, changing hands between PKR 378.27 and PKR 381.54.
Among other key legal tenders, the Japanese Yen was priced at PKR 1.77 for buying and PKR 1.84 for selling.
Currencies from the Gulf region also posted firm rates, with the UAE Dirham being traded between PKR 76.50 and PKR 77.27. Similarly, the Saudi Riyal was recorded at PKR 74.76 for buying and PKR 75.37 for selling.
In the interbank market, the US dollar was valued slightly lower than in the open market, with rates of PKR 280.15 for buying and PKR 280.35 for selling, indicating a narrow spread in official bank-to-bank transactions.