The latest selling rates of foreign currencies were released in Pakistan’s open market on Saturday, according to which the price of the US dollar remained stable while the Saudi riyal and the United Arab Emirates dirham saw a slight increase. On the other hand, a slight decrease was recorded in the prices of the British pound and Canadian dollar.
According to the latest data, the US dollar remained stable at Rs 279.15, and no change was recorded in its price. According to foreign exchange market observers, the stability in the dollar’s price indicates a balance between import payments, banking sector demand and overall market activity.
The selling price of the Saudi riyal reached Rs 75.10, an increase of about 0.07 percent. Similarly, the price of the UAE dirham was Rs 76.90, which is 0.13 percent higher than the previous level. According to experts, remittances from Gulf countries and travel needs affect the demand for both these currencies.
The British pound continued to be among the most expensive currencies in the open market; however, after a slight decrease in its price, the selling rate was recorded at Rs 378.15. Similarly, the Canadian dollar closed at Rs 200.25, where a decrease of about 0.25 percent was seen.
Financial experts say that factors such as the international currency market, global economic trends, crude oil prices, central bank policies and local supply and demand constantly affect the prices of currencies in Pakistan’s open market. That is why minor fluctuations in exchange rates on a daily basis are considered normal.
Experts have advised business circles, people travelling abroad and citizens involved in remittances to confirm the latest rates with authentic exchange companies or authorised dealers before making transactions, as minor differences are possible between different cities and exchange companies.
We welcome your contributions to The Pakistan Observer. Submit your blogs, opinion pieces, press releases and news features to our editorial team.
Please send your submissions to our News Desk or Editorial team. We look forward to hearing from writers, journalists and contributors.
