Pakistani rupee depreciated by 8 paisas (-0.05 percent) against the US dollar in the interbank on Tuesday, snapping its winning streak against the foreign currency after five straight sessions.
According to the State Bank of Pakistan, the US dollar opened at Rs152.75 and closed at Rs152.83.
The rupee traded in a range of 30 paisas per dollar showing an intraday high bid of Rs152.90 and an intraday low offer of Rs152.70. Within the open market, rupee was traded at 152.70/153.50 per dollar.
The rupee gained Rs0.11 against the greenback this week, while it has gained Rs15.22 against the greenback in fiscal year 2020-21 and appreciation has been Rs7.02 in the current year.
The currency experts said that rupee witnessed a decline due to higher dollar demand for import and corporate payment as banks will be closed on Wednesday due to Zakat deduction on the first day of Ramazan ul Mubarak. They said that the rupee may continue to gain value in coming days owing to substantial increase in inflows of workers remittances and export receipts.
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