Currency Exchange Rates Hold Steady in Pakistan

Karachi, The Exchange Companies Association of Pakistan reported a steady trend in the major foreign currency exchange rates for two consecutive days. On May 8 and May 9, 2024, minor adjustments were observed across major currencies including the US dollar, euro, and British pound against the Pakistani rupee.

According to Exchange Companies Association of Pakistan, the US dollar was quoted at 276.57 for buying and 279.14 for selling on May 8, which slightly adjusted to 279.11 for selling the following day while maintaining the buying rate. Similarly, the euro was bought at 295.19 and sold at 297.93 on the first day, with a marginal decrease in selling rate to 297.87 on May 9.

The British pound showed a slight increase from 343.43 to 343.62 in the buying rate from May 8 to May 9, while the selling rate moved from 346.63 to 346.90. The Japanese yen and currencies from the Gulf region, such as the UAE Dirham and Saudi Riyal, also displayed minor fluctuations.

The interbank rates, a key indicator of currency stability, saw a minimal increase from 278.10 to 278.20 in the buying rate, and from 278.30 to 278.40 in the selling rate, suggesting a stable outlook for the Pakistani rupee in the financial markets.

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