In the interbank market, the US dollar has seen a marginal decrease against the Pakistani rupee. Currency dealers reported a 10-paisa drop during the trading period, bringing the interbank dollar rate to Rs278.50.
This slight decrease follows a minor increase on Thursday, where the dollar rose by nine paisas, closing at Rs278.60.
According to the monthly economic update outlook report by the Ministry of Finance, the dollar has depreciated by approximately Rs9 over the past year, with the value falling from Rs287 to Rs278 during this period.
In contrast, the euro and other major currencies have seen an increase in their selling prices. The euro rose by Rs1.46 to Rs297.55, the British pound increased by Rs1.16 to Rs352.33, the Saudi riyal went up by 21 paisas to Rs73.70, and the UAE dirham increased by six paisas to Rs75.62.
However, the International Monetary Fund (IMF) has projected a significant depreciation of the Pakistani rupee in the coming months. The IMF estimates that the rupee will lose 18% of its value by June next year, potentially dropping to Rs329.
These currency fluctuations highlight the ongoing volatility in the foreign exchange market, influenced by both domestic economic policies and international financial conditions. Currency dealers and investors are closely monitoring these developments to navigate the uncertain economic landscape.
