Pakistani Rupee weakens by 07 paisa against USD in interbank trading. USD closed at Rs 279.26, open market rates at Rs 279.2-282.1. Euro increased by Rs1.04 to Rs 303.09, Japanese Yen remains unchanged at Rs185, British Pound increases by Rs1.15 to Rs 354.02. Emirates Dirham and Saudi Riyal rates increased by 02 paisa each. PSX index gains 681 points for political stability hopes.
ISLAMABAD: The Pakistani Rupee (PKR) on Monday weakened by 07 paisa against the USD dollar in the interbank trading and closed at Rs 279.26 against the previous day’s closing of Rs 279.19, ARY News reported.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 279.2 and Rs 282.1, respectively.
The price of the Euro increased by Rs1.04 to close at Rs 303.09 against the last day’s closing of Rs 302.05, according to the State Bank of Pakistan (SBP).
The Japanese Yen remained unchanged to close at Rs185, whereas an increase of Rs1.15 was witnessed in the exchange rate of the British Pound, which was traded at Rs 354.02 compared to the last closing of Rs 352.87.
The exchange rates of the Emirates Dirham and the Saudi Riyal increased by 02 paisa each to close at Rs 76.03 and Rs 74.46 respectively.
The Pakistan Stock Exchange (PSX) is showing positive trends in the hopes of political stability in the country.
The PSX benchmark 100 index showed a bullish trend on the first day of the business week as it gained 681 points to cross the 66,000 mark.
The KSE-100 index was trading at 66,006 points around 9:45 am. According to market experts, the investors are reposing their trust in the market on the hopes of political stability.
The recent decline in the value of the Pakistani rupee against the US dollar has sparked concerns among economists and policymakers. This trend has significant implications for the country’s economy and the well-being of its citizens. As the rupee loses ground against the dollar, it affects various sectors, including importers, exporters, and consumers.
The depreciation of the rupee impacts importers by increasing the cost of importing goods and raw materials, which can lead to higher prices for consumers. Exporters, on the other hand, may benefit from a weaker rupee as it makes their products more competitive in international markets. However, this advantage can be offset by increased costs of imported inputs for their production processes.
Furthermore, the depreciation of the rupee can lead to inflationary pressures, affecting the purchasing power of individuals and potentially harming the standard of living. It also raises concerns about the country’s external debt as the cost of servicing foreign currency-denominated debt increases with a weaker domestic currency.
The government and monetary authorities are closely monitoring the situation and exploring measures to stabilize the exchange rate and mitigate the adverse effects of the currency depreciation. These may include monetary policy adjustments, fiscal measures, and interventions in the foreign exchange market.
While currency depreciation poses challenges, it also presents opportunities for policymakers to address structural issues and enhance the competitiveness of the economy. Efforts to promote export-driven growth, improve productivity, and attract foreign investment can help mitigate the impact of rupee depreciation and facilitate a more resilient and dynamic economy.
Overall, the recent depreciation of the Pakistani rupee against the US dollar underscores the interconnectedness of global financial markets and the need for proactive measures to safeguard economic stability and promote sustainable growth.
Source: ARY NEWS
Summary:
The Pakistani Rupee weakened against the USD in interbank trading, closing at Rs 279.26, while the open market saw buying and selling rates at Rs 279.2 and Rs 282.1. The Euro price increased to Rs 303.09, and the British Pound was traded at Rs 354.02. The exchange rates of the Emirates Dirham and the Saudi Riyal also saw slight increases. Meanwhile, the Pakistan Stock Exchange showed positive trends, with the benchmark 100 index gaining 681 points, reaching 66,006 points, as investors are optimistic about political stability in the country.
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