Pakistani rupee depreciates against US Dollar

ISLAMABAD: Pakistani rupee on Monday depreciated by 15 paisa against the US dollar in the interbank trading and closed at Rs 278.56 against the previous day’s closing of Rs 278.41.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 278.10 and Rs 279.60 respectively.

The price of the Euro increased by 93 paisa to close at Rs 290.18 against the last day’s closing of Rs 289.05, according to the State Bank of Pakistan (SBP).

The Japanese yen remained unchanged and closed at Rs1.77, whereas a surge of Rs1.83 was witnessed in the exchange rate of the British Pound, which traded at Rs349.92 as compared to the last day’s closing of Rs348.09.

The exchange rates of the Emirates Dirham and the Saudi Riyal went up by 04 and 05 paisa to close at Rs75.84 and Rs74.12, respectively.

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On the other hand, the buying rate for the Omani Rial to Pakistan Rupee (PKR) stands at Rs 719.5, while the selling rate was noted at Rs 728 in the open market on Monday, December 23, 2024.

The information provided on the currency website indicated that the Omani Rial remained stable against the Pakistani Rupee and no change was observed in the open market.

The Omani Rial denoted as OMR, serves as the official currency of Oman and is subdivided into 1,000 smaller units called baisa.

Conversion of 500 and 1000 OMR to PKR

On December 23, the prevailing exchange rate suggests that 500 Rial is equivalent to Rs.359,750 whereas 1,000 OMR amounts to Rs.719,500 in Pakistani currency.

It is also important to highlight that the exchange rate of Rs 719.5 per OMR in the open market holds considerable significance for the large Pakistani expatriate population living in Oman, which is estimated to number approximately 250,000 individuals involved in various employment or business ventures.