PKR drops 09 paisa against USD

KARACHI: The exchange rate of the Pakistan rupee (PKR) shed Rs 0.9 paisa against the US dollar (USD) in the interbank trading on Thursday and closed at Rs 278.60 against the previous day’s closing of Rs 278.51.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market, however, were Rs 279.50 and Rs 281.25 respectively.

The price of the Euro increased by 72 paisa to close at Rs 302.01 against the last day’s closing of Rs 301.29, according to the State Bank of Pakistan (SBP).

The Japanese yen remained unchanged and closed at Rs 1.72, whereas an increase of Rs 2.17 was witnessed in the exchange rate of the British Pound, which was traded at Rs 358.57 as compared to the last day’s closing of Rs 356.40.

The exchange rates of the Emirates Dirham and the Saudi Riyal also increased by 03 each to close at Rs 75.85 and Rs 74.28 respectively.

Earlier this month, the PKR witnessed a downward slide against the US dollar (USD) in the interbank after the announcement of the ‘tax filled’ budget 2024-25.

According to the State Bank of Pakistan (SBP), the PKR witnessed a Rs 0.12 depreciation against the US Dollar in the interbank trading and closed at Rs 278.38 against the previous day’s closing at Rs 278.50.

Earlier in the day, Pakistan’s total debt reached a record level of Rs 67.816 trillion as of May 2024.