Massive Decline in Pakistani Rupee Value Against UAE Dirham
The value of the Pakistani Rupee (PKR) in relation to the UAE Dirham (AED) has significantly decreased. On August 15, 2023, it attained a closing interbank exchange rate of Rs. 79.36. The unstable political and economic environment may be at blame for this. There has been an increase of Rs. 0.81 in the currency rate from Rs. 78.55.
The continuous economic crisis fueled by political unrest is the main cause of the devaluation of the Pakistani Rupee. The UAE Dirham has appreciated in value relative to the Pakistani Rupee as the local currency has declined. The market’s shifting demand for foreign money has caused the rates to change.
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Furthermore, unless the sending bank requests otherwise, inbound remittances are normally credited to customer accounts based on the current interbank rate. This link between remittances and exchange rates emphasises the importance of the rupee’s depreciation even more.
The rising exchange rate might have a significant impact on a number of economic sectors, from imports and exports to foreign investments. Additionally, the rupee’s dropping value would make international trade challenging, which will affect both consumers and businesses.
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