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US dollar reaches an all-time high against Pakistani rupee in open market

The local currency depreciated by 0.27% and the trading session closed at Rs175.46.

US DollarUS dollar reaches an all-time high against Pakistani rupee | OyeYeah News
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US dollar reaches an all-time high against the Pakistani Rupee in the open market on Friday.

According to the data shared by the State Bank of Pakistan, the local currency depreciated by 0.27%, and the trading session closed at Rs175.46

Reports suggest the rupee crossed even the 176 level in intra-day trading on Friday and at one point in the day the dollar was traded at an all-time high of Rs178.30 in the open market.

On Thursday, the rupee had closed at 174.98 against the dollar in the inter-bank market.

A day earlier, the central bank reported that the foreign exchange reserves fell 4.1% to their lowest level since June 25, 2021.

On Thursday Minister for Information and Broadcasting Fawad Chaudhry announced that all legal arrangements have been finalised for $3 billion deposits from Saudi Arabia and the amount would be released during the ongoing week.

Saudi Arabia is to transfer $3 billion to Pakistan this week after all legal formalities were earlier finalised.

The cash deposit will help Pakistan shore up its forex reserves.

Saudi Arabia will charge around 3.2-3.5% markup on annual basis for the deposit.

the authorSaman Siddiqui
Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.