The dollar fell below Rs 175
The rupee continues to appreciate due to record remittances from Pakistanis abroad
Karachi, November 16, 2021 (PPI-OT): The value of the dollar has fallen below the level of Rs 175, with the remittances steadily rising due to record remittances from Pakistanis abroad. According to the details, the Pakistani rupee appreciated for the second consecutive day in the currency market during the current business week. The dollar depreciated against the rupee in the interbank and local open currency markets on Tuesday, after which the dollar fell below Rs 175 in the interbank market and below Rs 176 in the open market.
The dollar depreciated by 40 paise on the interbank market on Tuesday, after which the US currency fell from 175.29 paise to 174.89 paise.
On the other hand, according to the report of Forex Association of Pakistan, the dollar depreciated by 90 paise in the local open currency market on Tuesday, as a result of which the buying price of the dollar fell from Rs 176.20 to Rs 175.30 and the selling price fell from Rs 176.70 to Rs 175. 80 rupees.
According to the Forex report, the euro depreciated by Rs 2, taking the buying price of the euro from Rs 199.50 to Rs 197.50 and the selling price from Rs 201.50 to Rs 199.50. Similarly, the buying price of British pound fell from Rs 233.50 to Rs 234 and the selling price fell from Rs 237.50 to Rs 236.50. Regarding the declining trend in the value of the dollar, experts say that record remittances from Pakistanis abroad in October also eased the pressure on the Pakistani rupee in the market, and sooner than Saudi Arabia. Also because of the possibility of getting ارب 3 billion
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