ISLAMABAD - The exchange rate of Pakistani rupee witnessed a sharp recovery of Rs 1.20 against the US dollar in the interbank trading on Monday and closed at Rs166.23 as compared to the last closing of Rs167.43. However, according to Forex Association of Pakistan, the buying and selling rates of dollar in open market were recorded at Rs166.5 and Rs 168 respectively. The State Bank of Pakistan reported that in interbank trading, the price of euro depreciated by 50 paisas and closed at Rs197.65 against the last day’s trading of Rs198.15. The Japanese Yen remained stable at Rs1.57, whereas an increase of 03 paisas was witnessed in the exchange rate of British Pound which was traded at Rs 221.24 as compared to its last closing of Rs 221.27. The exchange rates of Saudi Riyal and Emirates Dirham also decreased by 32 paisas and 33 paisas to close at Rs 44.32 and Rs 45.25 respectively.