Pakistan rupee depreciates against US dollar

ISLAMABAD: Pakistani rupee on Tuesday depreciated by 09 paisa against the US dollar in the interbank trading and closed at Rs278.92 against the previous day’s closing of Rs278.83.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 279.50 and Rs 281, respectively.

The price of the Euro decreased by 68 paisa to close at Rs291.03 against the last day’s closing of Rs291.71, according to the State Bank of Pakistan (SBP).

The Japanese yen went up by 01 paisa and closed at Rs1.79, whereas an increase of 23 paisa was witnessed in the exchange rate of the British Pound, which was traded at Rs347.02 as compared to the last day’s closing of Rs346.79.

The exchange rates of the Emirates Dirham and the Saudi Riyal increased by 03 paisa each to close at Rs 75.94 and Rs74.36 respectively.

Also read: Omani Rial to Pakistani rupee rate; January 28, 2025

On the other hand, the exchange rate of the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) stood at 74.33 in the open market on January 28, 2025.

The Saudi Riyal strengthened by two paisas against the Pakistani Rupee (PKR) on Monday. As per details, the selling price of the Saudi Riyal also stands at Rs74.53.

The partnership between Pakistan and Saudi Arabia is marked by a long-established and mutually beneficial alliance, underscored by considerable financial assistance from the kingdom.

Each year, millions of Pakistani expatriates working in Saudi Arabia send substantial portions of their earnings back to Pakistan.

These remittances are crucial financial resources that allow families to manage daily living costs, support educational pursuits, and invigorate local economies.