Karachi: Pakistan’s open market witnessed stability with minor fluctuations in currency rates. According to the latest Forex update, the US dollar was trading at Rs 280.60 and Rs 282.10, which has been relatively stable for the last few days.
In other foreign currencies, the British pound was trading at Rs 363.50, buying and selling at Rs 367, the euro at Rs 306.00, buying and selling at Rs 308.75, while the Chinese yuan was at Rs 37.55, buying and selling at Rs 37.95.
The value of the Saudi riyal and the UAE dirham also stabilized. The Saudi riyal was bought at Rs 74.75 and is being sold at Rs 75.30, while the UAE dirham is available for purchase at Rs 76.15 and sale at Rs 76.80.
According to economists, the reasons for the recent stability in the foreign exchange market include stricter monetary measures by the SBP, improvement in exports and remittances, and financial support received from international financial institutions. However, there is also a possibility of further volatility in the currency market in the coming days, considering the impact of the global economy and import pressure.
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