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Pakistani rupee retains stability against USD

Dec 03, 2022

Islamabad [Pakistan], December 3: Pakistani rupee has retained stability against the U.S. dollar as the greenback was traded at 223.69 rupees in the interbank market on Friday, according to the State Bank of Pakistan (SBP).
The dollar closed at 223.69 rupees on Thursday, and on the last working day, the local currency remained unchanged against the dollar, official figures showed.
On a weekly basis, the rupee rose 0.11 percent against the greenback.
The rupee had registered an appreciation of 0.26 rupee, or 0.12 percent, against the dollar on Thursday. However, it has largely remained stable throughout the week since it also stayed unchanged during the second and third sessions of the week.
In a key development on Thursday, the central bank announced that its foreign exchange reserves had decreased by 327 million dollars to 7.49 billion dollars.
According to market analysts, the low foreign reserves in the country are putting pressure on the local currency despite the stability it has achieved.
Source: Xinhua