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Dollar rate: Pakistani rupee halts two-day winning streak

It dropped by 74 paisas

SAMAA | - Posted: Nov 24, 2021 | Last Updated: 5 days ago
SAMAA |
Posted: Nov 24, 2021 | Last Updated: 5 days ago

Photo: AFP

The US dollar managed to break the two-day losing streak against the Pakistani rupee.

According to the State Bank of Pakistan, the value of the Pakistani rupee depreciated 0.42% Wednesday. The local currency dropped by 74 paisas and closed at 175.04 in the interbank market.

The greenback fell by 94 paisas in the interbank in the past two days.

Earlier, it had reached an all-time high of Rs175.73 in the interbank on November 12.

Meanwhile, in the open market, the greenback was traded at Rs176.

Here are the open market rates of major currencies on November 24, 2021:

CurrencyBuyingSelling
USD176.30176.80
Saudi Riyal46.5047.00
UAE Dirham49.0050.00
UK Pound233.00236.00
Euro195.50198.00
Japanese Yan1.491.51
AUD125.00126.50
CAD137.00138.50
Chinese Yuan27.0028.00

The recovery was pegged to International Monetary Fund (IMF) loan confirmation news. The IMF will provide a loan tranche of $1b to Pakistan. The agreement, which still needs to be approved by the Fund’s Executive Board, also praises Pakistan for meeting key targets and will likely improve investors’ trust in the country.

However, Exchange Companies Association Secretary Zafar Paracha said that the value of the US Dollar was raised artificially and its value will further decrease once the tranche is released by IMF.

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One Comment

  1. Malik Asif  November 25, 2021 10:41 pm/ Reply

    I think its is a best idia

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