Pakistani rupee loses strength against US dollar

ISLAMABAD: Pakistani rupee on Monday depreciated by 07 paisa against the US dollar in the interbank trading and closed at Rs277.68 against the previous day’s closing of Rs277.61.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs277.85 and Rs279.35 respectively.

The price of Euro increased by 25 paisa to close at Rs301.27 against the last day’s closing of Rs301.02, according to the State Bank of Pakistan (SBP).

The Japanese yen went up by 01 paisa and closed at Rs1.85, whereas a decrease of 46 paisa was witnessed in the exchange rate of the British Pound, which traded at Rs361.56 as compared to the last day’s closing of Rs362.02.

The exchange rates of the Emirates Dirham and Saudi Riyal increased by 02 paisa and 03 paisa to close at Rs75.60 and Rs73.94 respectively.

Reuters reported that the pound fell on Monday as investors focused on the relative strength of the U.S. economy, pushing up the dollar.

Sterling was last down 0.2% at $1.3023, just above Thursday’s two-month low of $1.2975.

The euro was up 0.1% at 83.35 pence, although it remained near its lowest level in 2-1/2 years against Britain’s currency.

The U.S. dollar has climbed against its peers in recent weeks as the economy has fared better than expected.

Last week, data showed retail sales grew more than anticipated in September and jobless claims fell the previous week, helping moderate investors’ bets on Federal Reserve rate cuts and pushing up Treasury yields.

By contrast, figures released last Wednesday showed British inflation fell more than expected in September to 1.7%, below the Bank of England’s 2% target, causing traders to increase their bets on deeper rate cuts in the UK.