Pakistani Rupee Extends Gains Against Dollar in Interbank Market

Business Desk 

ISLAMABAD: Pakistani rupee on Monday appreciated by 03 paisa against the US Dollar in interbank trading and closed at Rs 276.97, compared to the previous day’s closing of Rs 277.00.

The latest closing marks the rupee's return below the 277 level for the first time since October 16, 2023, when the local currency settled at 276.8346 against the dollar. According to the Forex Association of Pakistan (FAP), the dollar’s open-market buying and selling rates were Rs 277.60 and Rs 278.20, respectively.

Globally, the US dollar held ground near its strongest level in a year and a half in early Asian trade on Monday as an escalating Middle East conflict kept investors wary ahead of key US inflation data later this week that will influence monetary policy.

The price of the Euro against the rupee decreased by Rs 0.94, closing at Rs 310.01 against the previous day’s rate of Rs 310.95, according to the State Bank of Pakistan (SBP). The Japanese Yen came down by 01 pasia and closed at Rs 1.74, and the exchange rate of the British Pound witnessed a decrease of Rs 0.21 and closed at Rs 366.64 compared to the previous day’s Rs 366.85. The exchange rate of the Emirate Dirham and the Saudi Riyal came down by 01 and 04 paisa to close at Rs 75.40 and Rs 73.74, respectively.