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Channel: Media World 247
Date: 2021-11-13

Dollar touches new all-time high at Rs176 in interbank trade
The US dollar on Friday reached an all-time high against the rupee, soaring to Rs176 in the interbank market during intraday trading.

The greenback depreciated by Rs1.60 to close at Rs175.80 in the interbank market, according to the Forex Association of Pakistan. The last time the greenback closed at an all-time high was on October 26, when it crossed the Rs175 mark.

In the open market, meanwhile, the dollar was being traded at Rs178 around 12:30pm which later came down to Rs177.80 at 4:30pm.

Zafar Paracha, chairman of the Exchange Companies Association of Pakistan, told Dawn.com that the dollar had depreciated to Rs169.50 after Saudi Arabia revived financial support and oil supplies to Pakistan, however, "the statement from the finance adviser (Shaukat Tarin) in which he predicted further rise in the dollar's value provided space to speculators and they manipulated the market."