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Pakistani rupee crawls back against the dollar

It gained 20 paisas in the open market

SAMAA | - Posted: Jan 11, 2022 | Last Updated: 2 weeks ago
SAMAA |
Posted: Jan 11, 2022 | Last Updated: 2 weeks ago

Photo: FILE

The Pakistani rupee came back to life Tuesday in the interbank market against the US dollar and recorded an appreciation after a drop on January 11.

The currency gained 5 paisas to trade at Rs176.63 per dollar, according to data shared by the State Bank of Pakistan.

On December 29, 2021, the dollar jumped to an all-time high of Rs178.24 in the interbank market and peaked at Rs180.30 in the open market much to everyone’s chagrin.

Meanwhile, in the open market, the greenback dropped 20 paisas to sell at Rs178.80.

Here are the open market rates of major currencies on January 11, 2022

Currency Buying Selling 
USD 178.30178.80 
Saudi Riyal 46.90 47.40 
UAE Dirham 49.00 50.00 
UK Pound 239.00 242.00 
Euro 199.00 201.50 
Japanese Yen 1.50 1.52 
AUD 125.50 127.00 
CAD 138.50 140.50 
Chinese Yuan 27.00 28.00

In December, the Pakistani currency recorded a drop of Rs2.98.

Pakistan’s trade deficit had ballooned to $20.74 billion in the first five months of Fiscal Year 2021-22. Imports grew 72% and the deficit stood at $5.10 billion in November – the highest trade deficit recorded in a single month. Pakistan has been exporting goods worth $100 million but importing items worth $260 million every day.

A 5% decrease in imports took place last month.

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