Rupee slips to 170.74 against dollar after shedding 21 paisa

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rupee dollar
Karachi

Pakistani rupee struggled against the US dollar in the interbank market on Monday and depreciated by 21 paisas (-0.12 percent).

According to the State Bank of Pakistan, the US dollar opened atRs170.53 and closed at Rs170.74. Within the open market, the rupee was traded at Rs170/171.50 per dollar.

According to currency experts, the dollar’s demand was high because the market opened after two weekly holidays.

They said that a significant trade deficit has also kept the rupee under pressure. The fresh all-time low of the local currency can be attributed to the latest reports of massive rise in import bill during the first quarter of the current fiscal year. —TLTP

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