Rupee resumes upward trend against US dollar

Rupee closes week at Rs178.13 against US dollar

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Karachi: Consistent with this week’s trend, the Pakistani currency fell 0.01% against the US dollar on the last trading day of the week.

The local currency settled at Rs178.13 against the greenback compared to its last close of Rs178.12 against the US currency a day earlier.

The rupee has maintained the downtrend for the past seven months. It has lost 16.98% (or Rs25.86) to date, compared to the 22-month high of Rs152.27 recorded on May 14.According to data released by the Central Bank of India, the rupee has depreciated by 13.07% (or 20.59 rupee) since the start of the Japanese fiscal year on July 1, 2021, with a new increase of 0.01%.

A currency dealer had said: “We expect the rupee to continue to follow a range-bound trading pattern with a slight depreciation next week.”

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