Tuesday, July 16, 2024
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US Dollar Maintains Historic High Rate, Exerting Pressure on Rupee

In a persistent trend, the US dollar has upheld its historic high rate within the Pakistani currency market. The trading session on Wednesday commenced with yet another surge in the formidable currency. Currency dealers reported the dollar making a triumphant return, reaching a record-breaking three-hundred mark.

According to the State Bank of Pakistan, the dollar gained an additional 63 paisas in the interbank market, further intensifying the pressure. This pushed the exchange rate to Rs299.63 for a single US dollar.

Meanwhile, in the open market, the US currency fortified its position by an additional Rs3, now commanding a value of Rs310. This comes on the heels of Tuesday’s exceptional occurrence when the US dollar soared to its highest peak in Pakistan’s open market history.

The morning of Tuesday saw the American currency shattering all prior records, boasting an increase in value by Rs8, thereby pegging its value at Rs312. This marked an unprecedented milestone, as the currency achieved its loftiest valuation ever within the span of just one day.

Notably, within the interbank market, the greenback garnered an extra Rs1.87 on Tuesday afternoon, presently standing at Rs299.

Conversely, other international currencies are also in play within the interbank market. The British pound is currently trading at Rs382.34, the euro at Rs326.5, the UAE dirham at Rs81.41, the Saudi riyal at Rs79.72, the Australian dollar at Rs192.46, and the Canadian dollar at Rs220.9, as reported by forex.pk.

Currency Exchange Rates:

  • UK Pound: Rs382.34
  • Euro: Rs326.5
  • UAE Dirham: Rs81.41
  • Saudi Riyal: Rs79.72
  • Australian Dollar: Rs192.46
  • Canadian Dollar: Rs220.9

Read more: Rupee Hits All-Time Low of 299 Against Dollar

The unyielding surge of the US dollar has put the Pakistani rupee under considerable pressure. The nation’s financial experts and institutions are closely monitoring the situation, as these developments have implications not only for the currency market but also for the broader economic landscape.


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