ISLAMABAD: On Tuesday, the value of the Pakistani rupee fluctuated against key foreign currencies, registering minor losses against both the US dollar and British pound.
The US dollar reached a buying price of Rs 279.00 and was sold at Rs 280.70. Meanwhile, the British pound saw a slight uptick, trading at Rs 366.45 for buying and Rs 370.10 for selling.
In contrast, the rupee made slight gains against the Euro, with rates at Rs 307.70 for buying and Rs 310.75 for selling. Among Gulf currencies, the Saudi riyal was traded at Rs 73.80 for buying and Rs 74.53 for selling, while the UAE dirham was priced at Rs 75.55 for buying and Rs 76.30 for selling.
Other notable exchange rates included the Australian dollar at Rs 186.50 for buying and Rs 189.50 for selling, and the Canadian dollar at Rs 203.00 for buying and Rs 207.50 for selling. Premium currencies like the Omani rial, Bahraini dinar, and Kuwaiti dinar maintained their higher values, with the Omani rial at Rs 719.45 (buying) and Rs 726.60 (selling), and the Bahraini dinar at Rs 733.60 (buying) and Rs 740.90 (selling). The Kuwaiti dinar topped the chart, trading at Rs 900.50 for buying and Rs 909.50 for selling.
The fluctuations in Pakistan’s exchange rates are influenced by several factors, primarily focusing on seven key variables: exports, imports, stock price index, foreign reserves (excluding gold), industrial production, wholesale price index, and money supply. These elements are believed to significantly impact the rupee’s exchange rate.
Yesterday, the indicative buying rate for the US dollar stood at Rs 278.50, with a selling price of Rs 280.70. The British pound was bought at Rs 365.20 and sold at Rs 368.85, while the Euro was listed at Rs 308.70 for buying and Rs 311.80 for selling.
The Open Market Dollar rate in Pakistan is generally tied to the unrestricted flow of trade, reflecting the dynamics of buying and selling goods across borders.
