November 4, 2021
Rupee breaks winning streak, closes over 170 against US dollar
November 4, 2021
The rupee on Thursday snapped a six-day winning streak against the dollar, losing 0.02 per cent to close the session at Rs170.01 in the interbank market — a slight loss from yesterday’s close of Rs169.97.
Interbank closing #ExchangeRate for today:https://t.co/E9rsZyIiSU pic.twitter.com/f26NZsTW9z
— SBP (@StateBank_Pak) November 4, 2021
On October 26, the rupee had dropped to its lowest level, closing over the 175 level for the first time.
The rupee has been on an uptrend since Pakistan received funds worth $3 billion from Saudi Arabia last week and had gained around Rs5.30 against the greenback during the period between October 27 and November 3.
Media reports have claimed that the rupee will remain in the consolidation phase as with the revival of the IMF programme, Pakistan will also get funds/loans from World Bank and Asian Development Bank.
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