Pakistan rupee shed 27 paisas against US dollar, ending two-day winning streak

Pakistan rupee shed 27 paisas against US dollar, ending two-day winning streak

The exchange rate of Pakistan rupee weakened by 27 paisas against the US dollar in the interbank trading on Tuesday and closed at Rs176.18 against the previous day's closing of Rs175.91. According to Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market recorded at Rs176.5 and Rs177.8 respectively. Higher oil prices has dented market sentiments as the upwards trend in commodity prices has led to a forecasting of a higher import bill, which analysts evaluate as a concerning factor. Similarly, the price of euro depreciated by 36 paisas and closed at Rs200.61 against the previous day's closing at 200.97. The Japanese yen remained unchanged to close at Rs1.53, whereas a decline of 37 paisas was witnessed in the exchange rate of British pound, which was traded at Rs240.28 as compared to its last closing at Rs240.67. The exchange rates of UAE dirham and Saudi riyal increased by 07 paisas to close at Rs47.96 and Rs46.95 respectively. Overall Pakistan rupee shed 11 paisas against the US dollar during the two sessions of this week, while it has appreciated by 33 paisas during the current year 2022. The local unit has depreciated by Rs18.75 during