US Dollar falls below Rs160

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US Dollar falls below Rs160

Monitoring Desk :

The United States dollar fell a six-month low against the rupees in the interbank market. Despite all odds, the rupee continues to re-assert against the US dollar. State Bank of Pakistan data said the US dollar traded at Rs. 159.97 in the interbank market on Tuesday.

The last time the dollar stood at similar levels was earlier this year on May 8, when it was changing hands at Rs159.97 in the interbank market. The dollar continued to rise against the Pakistani rupee recently.

“Uptick in remittance inflows ($2 billion per month since the beginning of FY21), a quarterly current account surplus ($792 million) after more than five years (last time a surplus was recorded was in 3QFY15) against a deficit of $1.49 billion in the same period last year coupled with the dollar depreciating against all major currencies (the dollar index is down 10pc since March) are some of the factors that led to an appreciation of the rupee,” said Sana Tawfiq, an analyst at Arif Habib Ltd.

US Dollar falls below Rs160

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