AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Pakistan’s foreign exchange market is experiencing unprecedented fluctuations, with the U.S. Dollar and Euro rates reaching new heights. According to the Exchange Companies Association of Pakistan, the USD closed at 282.35, while the Euro surged to 333.60, showcasing a significant rise in comparison to previous rates.
The British Pound Sterling also saw an upswing, concluding at 382.67, reflecting a challenging economic environment for the nation. In addition to these major currencies, the Japanese Yen closed at 1.92, while the UAE Dirham and Saudi Riyal ended at 77.65 and 75.73, respectively.
Interbank rates were slightly more stable, with the U.S. Dollar trading between 281.30 and 281.50. These changes in currency values have sparked concern among financial analysts, who warn of potential impacts on inflation and the cost of imports.
The surge in currency rates is attributed to various factors, including external economic pressures and internal fiscal policies. As the situation evolves, stakeholders are closely monitoring the developments, understanding that these shifts could have far-reaching consequences on Pakistan’s economy.