Karachi: Pakistan’s open market witnessed mixed currency movements on Friday, with the US dollar maintaining its previous level while the British pound and Gulf currencies posted modest gains against the Pakistani rupee.
According to the latest exchange rates, the US dollar remained unchanged at Rs 279.10, suggesting balanced demand and supply in the local foreign exchange market. Dealers said the absence of significant movement indicates relative stability despite ongoing fluctuations in global financial markets.
Among Gulf currencies, the Saudi riyal traded at Rs 75.10, while the UAE dirham was available at Rs 76.90. The slight increase in both currencies is considered significant as millions of overseas Pakistanis use these currencies for remittances, while pilgrims preparing for Hajj and Umrah also closely monitor their exchange rates.
The British pound strengthened to Rs 377.92, extending gains from the previous session. Currency experts attributed the increase to improved investor confidence in the pound internationally, a trend that also influenced Pakistan’s open market.
Meanwhile, the Canadian dollar weakened to Rs 199.95, making it the biggest mover among major foreign currencies traded locally. Analysts believe changing international exchange trends and commodity market developments contributed to the decline.
Financial experts expect Pakistan’s open market exchange rates to remain largely stable in the near term unless global economic conditions change significantly. They advise importers, exporters, overseas Pakistanis and travelers to monitor daily currency movements before making financial or business decisions.
