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In a significant shift in the currency market, several major foreign currencies have experienced sharp declines against the Pakistani Rupee, following the recent fall of the US Dollar.
Market reports indicate substantial drops in value for multiple currencies. The Euro saw a decrease of Rs 8, settling at Rs 305. The British Pound fell by Rs 13, reaching Rs 355. Middle Eastern currencies were also affected, with the UAE Dirham dropping by Rs 6.30 to Rs 72.70, and the Saudi Riyal declining by Rs 3.70 to Rs 71.70.
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The interbank market witnessed the US Dollar closing at Rs 275.44, marking a substantial decrease of Rs 10.55.
Financial expert Malik Bustan predicts the Dollar may stabilize between Rs 260 and Rs 270 in the interbank market. He attributes the Dollar’s previous surge to governmental policy missteps, claiming importers resorted to alternative channels for currency acquisition.
Bustan noted that speculators have begun selling their Dollar holdings, potentially leading to further stabilization of the exchange rate.
This news report reflects the latest developments in Pakistan’s currency market, highlighting the ongoing volatility and its potential implications for the country’s economy.
