Rupee loses downward trend against US dollar

Karachi: The rupee lost its downward trend against the US dollar as it depreciated Rs3.08 in the interbank market on Monday.

The latest reports suggested that the local currency was being traded at Rs275.50 against the greenback around 3pm.

Interbank closing #ExchangeRate for todayhttps://t.co/YueVOAfzUi pic.twitter.com/hCfZxfB3MU

— SBP (@StateBank_Pak) February 6, 2023

GNN reported that the Dollar took a reverse gear against the rupee in the local markets.

On Friday, the rupee touched the historic low as it closed at Rs276.58 after a decline of Rs5.22 or 1.89 per cent against the dollar.

The last week witnessed that the local unit recorded a cumulative fall of 5.05pc to close at its all-time low of 276.58 against the dollar in the inter-bank market.

Interbank closing #ExchangeRate for todayhttps://t.co/22WDdOJ0oq pic.twitter.com/tgYeO2B6hC

— SBP (@StateBank_Pak) February 3, 2023