USD exchange rates today: Rupee slides against USD, rises against Euro and Pound

The Pakistani Rupee saw fluctuations against major currencies in the latest exchange rates, reflecting shifts in the foreign exchange market.

The US Dollar (USD) is being bought at Rs 278.00 and sold at Rs 280.00, marking a gain in the international market amid eccalating tensions in the Middle East.

The British Pound (GBP) saw a minor dip, and was beibng bought at Rs 365.25 and sold at Rs 368.90

Meanwhile, while the Euro (EUR) is trading at Rs 304.85 for buying and Rs 307.85 for selling.

In the Gulf currency segment, the Saudi Riyal (SAR) is being bought at Rs 73.70 and sold at Rs 74.40, and the UAE Dirham (AED) is trading at Rs 75.45 for buying and Rs 76.20 for selling. Both currencies are pegged to the USD and follow the same trend as the Greenback.

The Australian Dollar (AUD) is fluctuating between Rs 188.30 for buying and Rs 191.00 for selling,

Meanwhile the Canadian Dollar (CAD) is trading at Rs 203.40 for buying and Rs 206.00 for selling.

Among other notable currencies, the Swiss Franc (CHF) is being bought at Rs 324.00 and sold at Rs 327.30.

Respectively, The Omani Rial (OMR), Bahraini Dinar (BHD), and Kuwaiti Dinar (KWD) continue to dominate with higher values.

The OMR is trading at Rs 718.50 for buying and Rs 726.00 for selling, the BHD at Rs 732.60 for buying and Rs 740.00 for selling.

The Kuwaiti Dinar (KWD) remains one of the highest-valued currencies, KWD at Rs 900.00 for buying and Rs 909.00 for selling.

Photo: NBP Exchange Company Limited

Earlier, Pakistani rupee has recently seen a modest appreciation, gaining Rs0.05 to close at Rs277.64 against the US dollar in the inter-bank market, matching last week's six-month high.

This rise in the rupee’s value can be attributed to the increased availability of foreign currency within the system, according to data from the State Bank of Pakistan (SBP).

The rupee had initially reached this six-month high after Pakistan received the first tranche of $1.03 billion from the International Monetary Fund (IMF) as part of the $7 billion Extended Fund Facility (EFF).

Although there was a slight decline earlier in the week due to rising demand for dollars, the currency rebounded by midweek.

SBP Governor Jameel Ahmad explained that the supply of foreign currency in the inter-bank market has increased, which is helping to meet the demand for imports and other foreign transactions.

This influx of foreign currency has been bolstered by higher inflows from workers’ remittances, the Roshan Digital Account (RDA), and improved export earnings.

Ahmad pointed out that these factors have helped alleviate any significant supply-demand pressures in the market.

In addition, Pakistan has cleared the backlog of profit and dividend repatriations to foreign companies, a step that, along with moderate outflows and increased inflows, is expected to positively impact the country’s domestic economy.

SBP reserves have also seen an increase, surpassing $10.7 billion, providing more than two months of import cover, a notable improvement from the recent past when reserves could barely cover one month of imports.

Meanwhile, the Exchange Companies Association of Pakistan (ECAP) reported a slight depreciation in the open market, with the rupee dropping by Rs0.04, closing at Rs279.88 against the US dollar.

This context highlights the ongoing dynamics of Pakistan's currency market, influenced by external funding, remittances, and foreign exchange reserves, with significant implications for the country's economy.