Pakistani rupee losses strength against US dollar

ISLAMABAD: Pakistani rupee on Wednesday depreciated 09 paisa against the US dollar in the interbank trading and closed at Rs 278.04 against the previous day’s closing of Rs 277.95.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 277.60 and Rs 279.10 respectively.

The price of Euro decreased by 21 paisa to close at Rs 293.96 against the last day’s closing of Rs 294.17, according to the State Bank of Pakistan (SBP).

The Japanese yen came down by 01 paisa and closed at Rs 1.78, whereas an increase of 74 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs 352.91 as compared to the last day’s closing of Rs 352.17.

The exchange rate of the Emirates Dirham and the Saudi Riyal increased by 02 and 01 paisa to close at Rs 75.69 and Rs 74.05 respectively.

Also read: Russian rouble rate to US dollar after nuclear doctrine change

Yesterday, the official exchange rate of the Russian rouble weakened past 100 to the US dollar for the first time since October 2023 after President Vladimir Putin lowered the nuclear strike threshold in escalating tensions with the United States over Ukraine.

The central bank set the rouble exchange rate at 100.03 to the dollar, down from 99.94 on Monday. The rouble has been weakening since the start of Ukraine’s incursion into the Kursk region on Aug. 6 and has lost nearly 19% in value since then, according to LSEG data.

Western sanctions imposed on the Moscow Exchange (MOEX) and its clearing agent, the National Clearing Centre, on June 12 stopped all trade in dollars and euros at MOEX.

The central bank sets its official dollar rate using over-the-counter (OTC) trade data from banks. This procedure makes the exchange rate opaque and volatile.