Islamabad August 22 2022: Exchange rate of the Pakistan rupee depreciated by Rs 2 against the US dollar in the interbank trading on Monday and closed at Rs 216.65 against the previous day’s closing of Rs 214.65.
According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 216 and Rs 219 respectively.
“Currency dealers said that the latest development has created a shortage of foreign currency, particularly the UAE dirham as each Pakistani needs to declare 5,000 dirhams at the UAE airport at the time of landing this week, and ultimately exportable currencies declined.” says Malik Bostan president of the forex association.
Similarly, the price of the euro was increased by 06 paisas and closed at Rs 216.72 against the previous day’s closing of Rs 216.66.
The Japanese Yen gained 01 paisas to close at Rs 1.58, whereas a decrease of Rs 0.27 was witnessed in the exchange rate of the British Pound, which was traded at Rs 255.59 as compared to its last closing of Rs 255.86.
The exchange rates of Emirates Dirham and Saudi Riyal increased by 55 paisas each to close at Rs 58.98 and Rs 57.68 respectively.