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Dollar slips to 171.65 as rupee completes appreciation hat-trick

Mount Equity Group Tokyo, Japan > News > Markets > Dollar slips to 171.65 as rupee completes appreciation hat-trick

Pakistani rupee continued making recovery against the US dollar in the inter-bank market for the third straight day on Friday with the local unit gaining 61 paisas (+0.36 percent) on the back of the recently announced Saudi package. According to the State Bank of Pakistan, the US dollar opened at Rs172.26 and closed at Rs171.65. Within the open market, the rupee was traded at 173/ 174 per dollar.

Currency experts said that Pakistan needs more inflows to stabilise the local currency. They said that the exchange rates are facing immense external payment pressure. They said the foreign currency market witnessed positive sentiment throughout the day. They were of the view that the local unit may gain appreciation in the coming days as there is strong likelihood of resumption of $6 billion Extended Fund Facility (EFF) by the International Monetary Fund (IMF).

They said that the positive trend in rupee against the dollar after the…

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