KARACHI: The United States (US) dollar appreciated by 35 paisa against the Pakistani rupee at the start of day’s trading on Wednesday, ARY News reported.
According to forex dealers, the greenback is trading at 168 against the domestic currency at the interbank foreign exchange market.
The dollar had finished at Rs167.20 against the local unit the other day.
Forex expert Dr Asad Rizwi said the rupee is depreciating due to the increase in demand for dollars
The rupee is under pressure due to the declining exports and impact of coronavirus on remittances, he further explained.
According to Reuters, the dollar had slipped on Monday in a choppy session as investors tried to navigate their way through an unsettling rise in coronavirus infections and weigh whether it would delay an economic recovery.
The Australian dollar led modest gains in Asia as the head of the country’s central bank said the impact of the COVID-19 pandemic would not be as bad as first feared.
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