ISLAMABAD - The exchange rate of dollar plunged by Rs 1.17 in interbank and traded at Rs 149.74 as compared to closing of last day at Rs 150.91, State Bank of Pakistan (SBP) reported on Monday.

According to currency dealers, overseas Pakistanis are sending additional amounts of remittance ahead of Eidul Fitr — boosting the supply of dollars in the open market.

The second major reason behind the falling value of the dollar, as per the dealers, was the shrinking demand as the State Bank of Pakistan (SBP) has tightened the rules and regulation for opening letters of credit (LC) for import. The SBP further reported that in interbank the price of Euro decreased by Rs 1.24 after which it traded at Rs 167.59 against Rs 168.83 of the previous day.

The price of Japanese yen decreased by 01 paisa after which it traded at Rs 1.36 against Rs 1.37, whereas the decrease of 93 paisa was witnessed in exchange rate of British Pound which was traded at Rs 190.26 as compared to last closing at Rs 191.19.

Exchange rates of UAE Dirham dropped by 32 paisa whereas Saudi Rayal dipped by 31 paisa after which they were traded at Rs 40.77 and Rs 39.93 against Rs 41.09 and Rs 40.24 respectively.