Pakistani rupee edges higher against US dollar, euro and pound slip

Pakistan’s currency posted a modest gain against the US dollar to start the week, while the euro and British pound weakened against the rupee in a mixed trading session.

The rupee firmed up slightly against the greenback on Monday, gaining 3 paisa in interbank dealings to settle at Rs277.47, compared with Friday’s close of Rs277.50.

In the open market, dollar rates were somewhat higher than the interbank figure, with the Forex Association of Pakistan (FAP) quoting a buying rate of Rs277.60 and a selling rate of Rs278.55.

Euro and pound fall sharply

The euro dropped Rs1.31, closing at Rs321.85 against the previous rate of Rs323.16, according to figures released by the State Bank of Pakistan (SBP).

The British pound saw an even steeper decline, losing Rs1.22 to close at Rs375.80, down from Rs377.02 the previous day.

Gulf currencies and yen hold steady

Regional and Gulf currencies showed little movement:

• The UAE Dirham stayed flat at Rs 75.55
• The Saudi Riyal dipped marginally by 1 paisa to close at Rs 73.90
• The Japanese Yen was unchanged, holding at Rs 1.73

The rupee’s slight gain against the dollar suggests continued stability in Pakistan’s foreign exchange market, even as the euro and pound weakened notably against the local currency. Analysts will be watching whether this trend holds through the week, particularly given ongoing global economic pressures, including Middle East tensions that have been rattling oil markets and broader currency sentiment.