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I need an advice on how to increase pr of the website.Its traffic has also seen some decline how can i fix both these problems.

There are a lot of ways to drive traffic. Do you want to use paid vs organic? Also as far as pr, it seems Google has a completely different algorithm on how they reward page rank. The best thing to do is to create quality content and have people linking to it.

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Not sure what would be driving a decline in page rank on an existing site, however as far as I can tell, Google expects new, optimized content to be added, new links to be added, etc. on an ongoing basis.  If you let a site go stale, that can be the cause of the problem.  Also, here's an interesting post on no follow links...  Apparently Google is starting to consider balance between do follow and no follow links as a factor in its algorithm, although as the article says its not yet a confirmed fact : No Follow Links... Worth More Than Do Follow Links?

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Increasing PR and increasing traffic are two different things, If we look at PR definition it is, link analysis algorithm, so if want to increase PR than look for high quality high PR backlinks. for improving traffic try to get your keywords on first page of Search engines, do basic SEO for that.

keep on building links to your site and you will get better position on google. you can also try article marketing to bring more traffic

There are many ways to get increase traffic and PR. In my opinion dofollow blog comments and dofollow forum postings are very effective and helpful to you.

Build a lot of quality back links with the anchor text.

Strategic keyword placement within your online content gets noticed by search engines that can boost your traffic. Use keywords at the beginning of your text, but avoid stuffing. Try to get your keyword into the first paragraph twice. After that, place your keyword as much as possible in the following 200 words, it should not feel overused and should flow well.