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PKR maintains profitable streak in opposition to US greenback

by Pakistan Latest News Update

The US greenback (USD) dropped 1.45 Pakistani rupee (PKR) in interbank on Tuesday morning and buying and selling at Rs294.50.

Pakistani rupee (PKR) on Monday gained Rs0.90 in opposition to the US greenback within the interbank buying and selling and closed at Rs295.95.
In response to the foreign exchange sellers, the dollar was traded at Rs297 within the open market whereas, the banks traded the dollar to importers at Rs296.45.
The US greenback dipped beneath Rs300 within the interbank market final week because the rupee continued its upward trajectory, the foreign exchange sellers stated.
In August, the Pakistani rupee (PKR) had been witnessing a steady devaluation. The shopping for and promoting charges of the greenback within the open market have been standing at Rs322 and Rs325 respectively.
It’s pertinent to say right here that the US Greenback (USD) index hit its highest stage in six months on September 14, as financial information was largely stronger than anticipated and the European Central Financial institution (ECB) signaled it was completed with its price hike cycle.
U.S. retail gross sales elevated by 0.6% in August, greater than the anticipated 0.2% rise, boosted by larger gasoline costs whereas weekly preliminary jobless claims rose to 220,000 however have been beneath the 225,000 forecast.
Rising gasoline costs additionally affected the newest inflation information, because the producer value index for remaining demand rose by 0.7% final month, essentially the most in additional than a yr, and better than the 0.4% estimate.
The greenback index was final up 0.5% at 105.18, simply off the 105.31 stage hit earlier within the day, its highest since March 10.

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