ISLAMABAD: Pakistani rupee continued its downward trend and witnessed a 59 pais downfall against the American Dollar in the interbank trading on Tuesday and closed at Rs 287.14 compared to Rs 286.55 on Monday.
As per reports by the Forex Association of Pakistan, the buying and selling rates of the greenback in the open market were witnessed as Rs302 and Rs305, respectively.
Pakistani Rupee Depreciates Against Other Currencies
Like the Us dollar, Pakistan Rupee experienced almost the same response against other international currencies as the price of the Euro went up by 48 paisa to close at Rs 310.23 against Rs309.75 last day, as per reports by SBP.
However, the Japanese Yen was traded without a change and was settled at Rs 2.07, while the British Pound witnessed a decrease of 27 paisa and was traded at Rs 356.06 compared to Rs 356.33 last day.
Meanwhile, the exchange rate of the Saudi Riyal and Emirates Dirham appreciated by 16 paisa each to close at Rs.76.57 and Rs.78.19, respectively.
Economic experts are of the view that the local currency would remain under pressure till the upcoming fiscal budget in the context of the ongoing financial and political unrest along with fears about a shortage of dollars in the country. Delay in talks with IMF is considered as another dilemma during the current crisis.
