The exchange rate of the Pakistan rupee witnessed a devaluation of 11 paisa against the US dollar in the interbank trading on Wednesday and closed at Rs 278.51 against the previous day’s closing of Rs 278.40. According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market, however, were Rs 278.75 and Rs 280.75 respectively. The price of the Euro increased by 12 paisa to close at Rs 301.29 against the last day’s closing of Rs 301.17, according to the State Bank of Pakistan (SBP). The Japanese yen came down by 01 paisa and closed at Rs 1.72, whereas an increase of 01 paisa was witnessed in the exchange rate of the British Pound, which was traded at Rs 356.40 as compared to the last day’s closing of Rs 356.39. The exchange rates of the Emirates Dirham and the Saudi Riyal also increased by 03 paisa and 04 pasia to close at Rs 75.82 and Rs 74.25 respectively.