Karachi: Overall, limited volatility was seen in the buying and selling of foreign currencies in Pakistan’s open market on Monday. The US dollar remained at its previous level, while a slight improvement was recorded in the Gulf currencies, especially the Saudi riyal and the United Arab Emirates dirham. On the other hand, a slight decrease was recorded in the value of the British pound and the Canadian dollar.
According to the latest rates available in the market, the US dollar remained stable at Rs 279.80, and no change was recorded in it. According to currency dealers, the reason for the stability in the dollar price is the relatively balanced supply and demand in the local market, due to which there was no large-scale fluctuation.
The selling price of the Saudi riyal was Rs 75.20, which recorded an increase of about 0.07 per cent, while the UAE dirham reached Rs 76.80 and its value increased by 0.13 per cent. According to experts, the demand for these currencies is continuously maintained due to Hajj and Umrah, remittances and financial transactions with Gulf countries.
On the other hand, the British pound reached the level of Rs 377.15, where its value decreased by 0.12 per cent. Similarly, the Canadian dollar closed at Rs 201.45, which was 0.25 per cent lower than the previous level.
Financial experts say that limited fluctuations in open market currencies may continue in the coming days due to global financial markets, crude oil prices, central bank policies and local economic indicators. According to them, if the improvement in remittances and foreign exchange reserves continues, it may have a positive impact on the value of the rupee.
Currency dealers have advised the public and business circles to approach only authentic and authorised exchange companies for buying and selling foreign currency, as rates may change with minor differences in different cities. These figures are issued for informational purposes, and minor differences are possible in the rates of different exchange companies.
