Rupee Faces Pressure, High Demand Keeps Dollar Strong

Pakistan’s currency market experienced fluctuations on Tuesday, with the US Dollar maintaining its strong position. The greenback was recorded at Rs.283.15 for buying and Rs.285.55 for selling, reflecting minor movement in the interbank and open markets.

The Euro also held steady, trading at Rs.326.50 and Rs.330.00 for buying and selling, respectively. Meanwhile, the UK Pound Sterling continued to rank among the top-valued currencies, with exchange rates between Rs.383.60 and Rs.387.60.

Middle Eastern currencies largely retained their strength. The UAE Dirham traded at Rs.77.10 (buying) and Rs.77.85 (selling), while the Saudi Riyal was slightly lower at Rs.75.35 and Rs.76.15, respectively.

Read More: Saudi Riyal Continues Upward Trend Against PKR

Among the Gulf region's highest-valued currencies, the Kuwaiti Dinar remained the costliest, quoted at Rs.911.75 for buying and Rs.921.75 for selling. Close behind were the Bahraini Dinar and the Omani Riyal, both staying above the Rs.740 mark in buying rates.

Analysts believe the firm stance of major global currencies against the Pakistani Rupee stems from continued demand in the import sector and pressure on foreign exchange reserves.

Currency Exchange Table