Pakistani rupee loses ground against USD

ISLAMABAD: Pakistani Rupee on Monday depreciated by 29 paisa against the US dollar in the interbank trading and closed at Rs278.22 against the previous day’s closing of Rs277.93, ARY News reported.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs278 and Rs280.7 respectively.

The price of the Euro decreased by Rs5.19 to close at Rs296.42 against the last-day closing of Rs301.61, according to the State Bank of Pakistan (SBP).

The Japanese Yen came down by 02 paisa and closed at Rs1.80, whereas a decrease of Rs 4.51 was witnessed in the exchange rate of the British Pound, which was traded at Rs347.18 compared to the last closing of Rs351.69.

The Emirates Dirham and the Saudi Riyal increased by 05 paisa each to close at Rs 75.73 and Rs 74.14 respectively.

Yesterday, Pakistan repaid $1 billion in Eurobonds as a scheduled payment ahead of seeking a long-term bailout from the International Monetary Fund (IMF).

The bond, launched in 2014 and repaid on Friday, was maturing this month.

“The payment was made to the agent bank for onward distribution to the bond holders,” the State Bank of Pakistan said in a statement.

Pakistan has been struggling with a balance of payments crisis, record inflation and steep currency devaluation since an IMF standby arrangement averted a sovereign default.