Exchange rate of Pakistan rupee weakened by Rs 3.01 against the United States dollar in the interbank trading on Tuesday and closed at Rs 291.50 against the previous day’s closing of Rs 288.49. However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market stood at Rs 299.1 and Rs 302 respectively. Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha said the fall in rupee value was expected after the caretaker government took charge. He said the interim government is expected to take all measures in line with the conditions of the International Monetary Fund (IMF) that the elected regime avoided. Moreover, he said the recent move to lift all restrictions on imports to meet IMF conditions was also one of the factors that led to the devaluation of the rupee as the move would put pressure on the country’s foreign exchange reserves. Paracha added that the drop in remittances to Pakistan from its citizens working abroad to $2 billion in the first month of this fiscal year and falling exports were also the factors behind the rupee depreciation. The price of the Euro increased by Rs 1.13 to close at Rs 318.38 against the last day’s closing of Rs 317.25, according to the State Bank of Pakistan (SBP). The Japanese Yen remained unchanged and closed at Rs 1.99, whereas an increase of Rs 3.13 was witnessed in the exchange rate of the British Pound, which traded at Rs 369.80 as compared to the last closing of Rs 366.67. The exchange rates of the Emirates Dirham and the Saudi Riyal increased by 82 paisa each to close at Rs 79.36 and Rs 77.71 respectively.