Rupee closes at 219.71 against dollar

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PSX turns around, gains 83 points

Pakistani rupee extended losses against the dollar for the fifth straight session as the demand for the US currency from the importers heated up owing to the opening of new LCs (letters of credit).

The local unit depreciated by 0.37% (Rs0.82) on a day-on-day basis to reach 219.71 in the interbank market, according to the State Bank of Pakistan (SBP), down in value from the previous close of 218.89.

The dollar also strengthened in the open market as the rupee lost 0.50 to close at 226.20.

Dealers believe that rising importer demand for the dollar was the reason the rupee reversed its previous trend of appreciation against the dollar. However, dollar conversions by exporters have decreased.

Meanwhile, the 100-index of the Pakistan Stock Exchange (PSX) turned around to a bullish trend on Tuesday, gaining 83.82 points, a positive change of 0.20 percent, closing at 41,839.27 against 41,755.45 points on the last working day.

A total of 190,311,688 shares were traded during the day compared to 144,312,641 shares the previous day, whereas the price of shares stood at Rs5.809 billion against Rs4.667 billion on the last trading day.

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