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US Dollar falls back after brief attempt to gain against Pakistani Rupee

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The US Dollar closed business with a minor drop of 6 paisas against the Pakistani Rupee after making a brief attempt to regain ground on Tuesday. 

At the end of Tuesday’s business session, the Dollar was traded at Rs281.22 in the interbank market. 

Around noon on Tuesday, the Rupee saw a drop of 13 paisas in the interbank market, and reached a value of Rs281.40 owing to an increase in demand for the American currency, according to dealers.  

In the open market also, the Dollar also jumped back up by 16 paisas and was traded at Rs282.50. 

Also Read: Rupee extends gains against US Dollar

At the opening of trade, the Pakistani rupee had recorded another gain against the US dollar, appreciating with a minor jump. The Rupee saw an increase of 18 paisas in the interbank market, and reached a value of Rs281.10. 

On Monday, the US Dollar once again wilted against the Pakistani Rupee and lost a record 30 paisas value on the last business day of the current business week in the interbank market. 

Over the last week, the local currency saw a gain of 46 paisas against the US Dollar in the interbank market.

The Rupee gained strength against the mighty American currency for the eighth consecutive week, reportedly on the back of a staff-level agreement (SLA) reached between Pakistan and the International Monetary Fund (IMF) on the first review of the $3 billion Stand-by Arrangement (SBA).

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