Currency Update: Foreign Currency Rates registers a sharp increase against PKR

Foreign Currency Rates in the open market registered sharp increase against Pakistan Rupees showing an increase of 10 paisa to 70 paisa on Wednesday.

During the trading in the open market, the dollar surged sharply by 20 paisa to trade at Rs. 106.30, Euro up by 50 paisa to Rs. 127.30, pound was up by 70 paisa to Rs. 143.50, while Saudi Riyal and UAE Dhiram was up by 10 paisa each to Rs. 28.25 and Rs. 28.95 respectively.

According to the dealer Dollar in the global market increases ahead of Federal Reserve decision to announce about the interest rate. In July the central bank decided to leave its key rate unchanged in a range of one percent to 1.25 percent after having raised rates twice this year in March and June.

The pressure on other currencies were witnessed as buying orders were more than selling orders.