On Tuesday, the Pakistani rupee was reported to have fallen against the UAE dirham at 49.36. 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.
In comparison, a month ago the currency was valued at 47.7 against Dh1, while a year earlier the Pakistani rupee was at 42.5.
The exchange rate of the Pakistan rupee weakened against the US dollar in the interbank trading on Tuesday and closed at 181.73 against the previous day’s closing of 181.24.
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 dollars in the open market were recorded at 181.4 and 182.8 respectively a day earlier. Similarly, the price of the euro was depreciated and closed at 199.74 against the previous day’s closing of 200.34.
The Japanese yen lost at 1.50, whereas an increase was witnessed in the exchange rate of the British pound, which was traded at 239.14 as compared to its last closing of 238.37.
Therefore, the exchange rates of UAE dirham and Saudi riyal were recorded to close at 49.47 and48.44 respectively, with the expectation of the Pakistani rupee to further weaken in the coming days.
