Dubai: The Pakistani rupee has come under renewed pressure to be at 49.36 to the UAE dirham. The currency's value continued to plunge more rapidly than before and recorded an exchange rate that got more remittance-friendly for expats in the UAE.
Against the UAE dirham, the Pakistani rupee was down 16 paise on Wednesday. In comparison, a month ago the currency was valued at Rs47.7 against Dh1, while a year earlier the Pakistani rupee was at Rs42.5. Check the latest forex rates here.
The exchange rate of the Pakistan rupee weakened by 39 paisas against the US dollar in the interbank trading on Tuesday and closed at Rs181.73 against the previous day's closing of Rs181.24.
Weakness in the Pakistan rupee's value against the US dollar will be automatically reflected in its exchange rate with the UAE dirham as the UAE currency is pegged to the dollar.
According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded at Rs181.4 and Rs182.8 respectively a day earlier. Similarly, the price of the euro was depreciated by 60 paisas and closed at Rs199.74 against the previous day's closing of Rs200.34.
The Japanese yen lost two paisas to close at Rs1.50, whereas an increase of 77 paisas was witnessed in the exchange rate of British pound, which was traded at Rs239.14 as compared to its last closing of Rs238.37.
The exchange rates of UAE dirham and Saudi riyal increased by 13 paisas to close at Rs49.47 and Rs48.44 respectively on Tuesday, with rates expectedly weakneing further on Wednesday.