KARACHI: Rates of foreign currencies fluctuated in Pakistan’s open market, but the value of the local currency remained relatively stable. According to the latest Forex Rates released on Friday, the US Dollar is being bought at Rs 280.50 and sold at Rs 282.00.
Talking about other major global currencies, the British pound was bought at Rs 363.00 and is being sold at Rs 366.50, while the price of the euro remains at Rs 304.25 and Rs 307.00.
The Australian dollar was bought at PKR 177.50 and sold at PKR 179.75, while the Canadian dollar was bought at PKR 195.10 and sold at PKR 197.50. Minor stability was also seen in the value of the Chinese yuan, which was bought at Rs. 37.55 and is being sold at Rs. 37.95.
Similarly, the Saudi riyal remained unchanged at PKR 74.70 and PKR 75.25, while the UAE dirham was bought at PKR 76.10 and sold at PKR 76.75. The Japanese yen remained firm with buying and selling of Rs 1.90 and Rs 1.96.
According to trade experts, changes in the global market, fluctuations in crude oil prices, and the policies of the country’s economy have a direct impact on the exchange rates of the currency. Experts say that further pressure or improvement in the value of the rupee in the next few days will depend on economic policies and foreign exchange reserves.
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