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Articles for tag: falls, fiveweek, Latest, Rupee

November 8, 2023

News Desk

Rupee falls to five-week low

KARACHI: The Pakistani rupee fell steadily for the 12th consecutive business day, hitting a five-week low of over Rs 286 against the US dollar in the interbank market on Tuesday. This decrease is attributed to increased demand for foreign currency and speculative activity. There have been reports of the re-emergence of black currency markets in areas bordering Afghanistan, where the exchange rate is more favorable than official markets. According to State Bank of Pakistan (SBP) data, the rupee has depreciated by 0.38%, or Rs 1.09, to close at Rs 286.38 against the US dollar. In the last 12 working days,

November 7, 2023

News Desk

PSX crosses 54,000 mark as rupee falls

KARACHI: The Pakistan Stock Exchange (PSX) hit a new all-time high and breached the psychological barrier of 54,000 in early morning trading on Tuesday amid the IMF’s continued “timely” review of the domestic economy under its loan program 3 billions of dollars. However, later in the day, it retreated below the barrier in profit selling. The domestic currency, however, fell to a five-week low of Rs 287 against the US dollar in the interbank market on rising demand for the foreign currency as Pakistan and the IMF discussed options to raise fresh foreign financing to bridge the deficit in current

November 1, 2023

News Desk

Rupee falls amid high oil prices

KARACHI: The Pakistani currency remained under pressure against the US dollar on Tuesday amid the Middle East crisis and volatile global oil prices as it touched a fresh three-week low of slightly below Rs 281.50/$ in the interbank market. The rupee fell 0.18%, or Rs0.52, to close at Rs281.47 against the dollar, according to State Bank of Pakistan (SBP) data. It was the seventh consecutive business day of decline in the currency’s value, which cumulatively lost 1.65%, or Rs 4.64, in that period. Market talks indicate that exporters have slowed down selling of US dollars in the market as they

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