The foreign exchange market can be a little hard to understand, but we’re here to help. In this piece, we will talk about how the Pakistani Rupee has done recently compared to the US Dollar and other major currencies.
In recent trades, the Pakistani Rupee showed how strong it is. On the interbank market, it earned 7 paisas against the US dollar. To put it simply, you could have bought one US dollar with Rs 305.53 the day before. But now, you could get Rs 305.46 for one US dollar. This small change can affect things like foreign trade and the cost of travel, among other things.
The interbank rate tells us how much banks trade currencies, but people and companies also trade currencies on the open market. According to the Forex Association of Pakistan (FAP), the open market rate for buying a US Dollar was Rs 329.5 and the rate for selling a US Dollar was Rs 332.5. This small difference between what you can buy and what you can sell it for is how money changers make money.
In the world of money, there are more than just the Rupee and the Dollar. Changes were also made to the Euro, which is the currency of many European countries. Its price went down by Rs 1.18 paisa, ending the day at Rs 331.52 instead of Rs 332.70.
Let’s not forget that there are also other monies. The Japanese Yen, which is their currency, went up by only 1 paisa and was worth Rs 2.10. On the other hand, 55 paise were taken off of the British Pound, which is used in the UK. It was bought and sold at Rs 387.42, while its last ending price was Rs 397.97.
The exchange rates for the United Arab Emirates Dirham and the Saudi Riyal, which are the countries’s currencies, also moved slightly. They went down by 2 and 1 paisa, ending the day at Rs 83.16 and Rs 81.44.
Currency exchange rates are affected by a number of things, such as the economy and international trade. Even though these small changes in rates might not seem like a big deal, they can affect the prices of imported goods, trip costs, and a lot more. So, even if it’s just a few paisas here and there, it’s important to keep an eye on the exchange market.