The Pakistani Rupee (PKR) witnessed a slight depreciation against the US Dollar (USD) on Tuesday, declining by 06 paisa in interbank trading.
The exchange rate closed at Rs. 280.42, compared to the previous day’s closing of Rs. 280.36, according to data released by the State Bank of Pakistan (SBP).
This movement follows a trend observed in the previous trading sessions, where the PKR weakened by 10 paisa on Monday, 04 paisa on Friday, and 02 paisa on Thursday.
A weaker PKR leads to higher import costs, fueling inflation. Essential commodities such as petroleum, raw materials, and food products become more expensive, directly impacting consumers and businesses.
Performance of PKR Against Other Major Currencies
PKR vs. Euro (EUR)
The exchange rate of the Euro saw a significant decline, with the EUR closing at Rs. 302.56, down Rs. 1.54 from the previous day’s rate of Rs. 304.01. This drop reflects broader fluctuations in international currency markets and Pakistan's trade exposure with European nations.
PKR vs. British Pound (GBP)
The British Pound (GBP) also experienced a decline, closing at Rs. 362.05, marking a drop of Rs. 1.12 from the last day’s closing of Rs. 363.17. The GBP’s performance is influenced by global investor sentiment, Bank of England’s policies, and ongoing UK economic challenges.
PKR vs. Japanese Yen (JPY)
The Japanese Yen (JPY) recorded a 1 paisa decrease, closing at Rs. 1.86. The Yen has remained relatively stable in the global forex market, with Rupee minor fluctuations affecting its valuation against the PKR.
PKR vs. Emirates Dirham (AED) and Saudi Riyal (SAR)
The Emirates Dirham (AED) and the Saudi Riyal (SAR) witnessed a 1 paisa increase each, closing at Rs. 76.34 and Rs. 74.75, respectively. Since both currencies are pegged to the USD, their value movements align with changes in the USD-PKR as exchange rate.
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