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Islamabad: The Pakistani Rupee continued its downward spiral against major international currencies, with the US dollar nearing the PKR 284 mark in the open market on Saturday. Exchange companies reported the greenback trading between PKR 283.07 and PKR 283.90, signifying a further weakening of the local currency.
The Euro also surged against the Rupee, trading between PKR 328.31 and PKR 330.33. Similarly, the British Pound reached new heights, exchanging hands between PKR 380.14 and PKR 382.34.
The Japanese Yen, while exhibiting less dramatic movement, also appreciated against the PKR, fluctuating between PKR 1.88 and PKR 1.94. Regional currencies followed a similar trajectory. The UAE Dirham traded between PKR 77.05 and PKR 77.30, while the Saudi Riyal traded between PKR 75.34 and PKR 75.60.
The interbank market mirrored this trend, with the dollar recorded between PKR 281.86 and PKR 282.06, according to data released by the Exchange Companies Association of Pakistan. This persistent decline in the Rupee’s value is likely to fuel inflationary pressures and impact import costs.