USD to PKR rate down in open market on Aug 17

KARACHI: In the open market, the Pakistan rupee (PKR) strengthened by Rs1.50 for both buying and selling against US dollar (USD), closing at 298.00 and 301.00, respectively.

Whereas, in the Interbank, the downward trajectory of the Pakistan rupee against the US dollar finally came to a halt after four consecutive losses, as the currency remained largely stable on Thursday.

At close, the rupee settled at 294.92, an increase of Re0.01, as per the State Bank of Pakistan (SBP).

In a key development, former State Bank of Pakistan (SBP) governor Dr Shamshad Akhtar was appointed caretaker finance minister.

The development comes as the process of appointing key members of the cabinet under caretaker prime minister Anwaar-ul-Haq continues amid widespread speculation.

Against Euro, the PKR remained unchanged for both buying and selling, closing at 324.00 and 327.00, respectively.

Against UAE Dirham, the PKR lost 20 paisa for both buying and selling, closing at 82.90 and 83.70, respectively.

Against Saudi Riyal, the PKR lost 25 paisa for buying and 20 paisa for selling, closing at 80.00 and 80.70, respectively.