KARACHI: In the interbank market on Wednesday, the Pakistani rupee closed one paisa higher at Rs176.74 against the US dollar. The Pakistani rupee ended the day at Rs176.74 versus the US dollar, according to figures released by the State Bank of Pakistan (SBP). When compared to the previous close of Rs176.75, the rupee increased by one paisa. The local unit declined by almost 12 per cent in the last year. Due to the current scenario in Afghanistan, Finance Minister Shaukat Tarin indicated last week that the US dollar was overvalued and that the exchange rate should be between Rs165 and Rs170. He hoped that the artificial increase in the value of the American money would be contained.