Daily Times

Pakistani rupee witnessed 26 paisas devaluation against the US Dollar (USD) in the interbank trading on Monday and closed at Rs285.41 against the previous day’s closing of Rs285.15. The US dollar appreciated against the Pakistani rupee to the record level on Monday while touching Rs316 in the open market, as the country is experiencing a plethora of economic challenges. When this report was being filed around 1:30 pm, the dollar had gained another 45 paisa. However, the interbank exchange rate was recorded at Rs285.60, which translates into a 45-pasia depreciation in the rupee. The interbank exchange rate had closed at Rs285.15 on Friday – the last working day of the week – after it gained 0.21 per cent, or 59 paisa, against the US dollar. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs313 and Rs316, respectively. The price of the Euro decreased by 12 paisas to close at Rs305.99 against the last day’s closing of Rs306.11, according to the State Bank of Pakistan (SBP). The Japanese Yen came down by 01 paisa and closed at Rs2.03, whereas an increase of 13 paisas was witnessed in the exchange rate of the British Pound, which traded at Rs352.20 as compared to its last day’s closing of Rs352.07.