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Dollar gains 7 paisas against Rupee

Islamabad: The exchange rate of Pakistan rupee depreciated by 07 paisas on Monday against the US dollar in interbank trading and closed at Rs168.09 as compared to the previous day’s closing of Rs168.02.

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Dollar gains 7 paisas against Rupee
Dollar gains 7 paisas against Rupee

According to Forex Association of Pakistan (FAP), the buying and selling rates of dollar in the open market were recorded at Rs168.6 and Rs169.4 respectively.

The demand for dollars continues to be strong owing to the pressure from importers on the back of a strong economic recovery, pushing the domestic currency lower, experts said.

Traders associated with the Forex market say the main reason for rising in the dollar rate in Pakistan on Tuesday is the increase in import bills.

Earlier Pakistani rupee had touched an all-time low of Rs168.98 against the greenback last year in August before recouping some losses to hit a 22-month high of Rs152.95 in April 2021. The exchange rates of Emirates Dirham and Saudi Riyal increased by 02 paisas each to close at Rs 45.76 and Rs 44.81 respectively.

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