Pak rupee
Pakistan rupee on Wednesday plunges against dollar Image Credit: Social media

Dubai: Pakistan rupees hit the lowest level in months against US dollar as it loses Rs2.6 in one day on Wednesday.

The exchange rate of Pakistani rupee against US dollar witnessed decrease of Rs2.60 in interbank on Wednesday and traded at Rs161.60 against Rs159.00 on last trading day, State Bank of Pakistan (SBP) reported.

However, according to Forex Association of Pakistan, the buying and selling rates of dollar in open market were recorded at Rs157.6 and Rs158.6 respectively. The SBP further reported that in interbank, the price of Euro appreciated by Rs2.66 and traded at Rs175.22 against the last closing of Rs172.56 on last trading day. The Japanese yen appreciated by 01 paisa to close at Rs1.45 whereas a decrease of Rs7.04 was witnessed in the exchange rate of British Pound which was traded at Rs193.36 as compared to its last closing of Rs186.32, reported APP.

The exchange rate of Saudi Riyal and UAE Dirham increased by 70 paisa and 71 paisa each to close at Rs43.02 and Rs43.99 respectively. The exchange rate for one UAE Dirham was Rs41.9 on Monday.

The rise in dollar came only a day after the State Bank of Pakistan, in an emergency meeting, slashed its key rate by another 150 basis points in the wake of rising coronavirus cases and business disruptions caused.

Meanwhile, a Pakisani bank official told Gulf News that remittance from the UAE to Pakistan has dropped considerably over the last couple of weeks due to coronavrius impact on the economy.