Karachi: Foreign exchange rates in Pakistan’s open market on Thursday were mixed. The US dollar remained stable compared to the previous trading day, while the Saudi riyal, UAE dirham and British pound recorded a slight increase in value. On the other hand, the Canadian dollar saw a significant decline.
According to the latest open market rates, the US dollar remained at Rs 279.10, indicating that there was no immediate major change in the supply and demand of the dollar in the local market.
The Saudi riyal rose to Rs 75.10, while the UAE dirham traded at Rs 76.90. Both currencies recorded an increase of about 0.13 percent, which is being considered important in the context of remittances from overseas Pakistanis and transactions related to Hajj and Umrah.
The British pound also rose to Rs 377.92 with a positive trend, up 0.24 percent from the previous session. According to experts, the impact of the pound’s strength in global financial markets was also seen on the local open market.
In contrast, the Canadian dollar fell to Rs 199.95, which shows a decrease of about 2.94 percent. Market analysts say that various global economic factors and movements in the international currency market can affect local rates.
Experts say that unless there is an extraordinary change in global financial conditions, currency rates in the open market may remain within a limited range in the next few days. Importers, exporters, foreign travellers and remittance recipients should monitor the latest exchange rates on a daily basis so that financial decisions can be made in a better way.
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