Rupee appreciates against US dollar

Observer Report

The rupee gained for the third straight day against the US dollar on Friday as the currency closed the week at Rs171.65, recording an increase of 0.36% during the day.

Cumulatively, the currency gained around Rs2.35 during the ongoing week owing to $3 billion deposits from Saudi Fund for Development. On Tuesday, the currency had dropped to an all-time low of Rs175.25 against the US dollar.

According to the data released by the central bank on Thursday, the foreign exchange reserves held by SBP fell 2% on a weekly basis.

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