Rupee makes minor gains against US dollar

The rupee appreciated slightly against the US dollar in the inter-bank market on Friday, closing the day at Rs171.18.

The local currency closed at an all-time low of Rs171.18 on Thursday as demand for the foreign currency stood higher compared to its supply.

Earlier in the day, speaking at the launch of the Kisan Portal, Prime Minister Imran Khan had said that the pressure on the Pakistani rupee is temporary and will be over soon.

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With a fresh increase of 0.01 per cent, the rupee depreciated 8.65pc or Rs13.64, since the start of the current fiscal year on July 1, 2021, data released by the State Bank of Pakistan (SBP) revealed.

It is pertinent to mention here that the central bank has opted for a flexible exchange rate to let market forces decide the per dollar value of the rupee keeping in view the demand and supply of the foreign currency.

 

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