Currency Fluctuations Continue in Pakistan; Dollar Holds Pressure on Import Prices

Islamabad: Pakistan’s currency market witnessed fluctuations on Wednesday, with a noticeable gap between open market and interbank rates, keeping pressure on import costs.
In the open market, the US Dollar was being bought at Rs279 and sold at Rs280, maintaining upward pressure on imported goods. The Euro rose to Rs332.75 from Rs328.25, while the British Pound touched Rs381.64.
Among Gulf currencies, the Saudi Riyal was trading at Rs75.55, and the UAE Dirham reached Rs77.25, reflecting slight increases important for overseas Pakistanis.
Other currencies in the open market included the Canadian Dollar at Rs205.75, the Australian Dollar at Rs201.15, and the Chinese Yuan at Rs37.55.
Meanwhile, in the interbank market, the US dollar was trading between Rs278.90 and Rs279.40, slightly lower than the open market rate. The euro stood at Rs328.71, while the British pound was recorded at Rs377.51.
Financial experts attribute the ongoing volatility to global economic pressures, rising import demands, and the continued depreciation of the Pakistani rupee, warning that uncertainty in the currency market may persist in the coming days.