Rupee extends losses against US dollar in intra-day trading

KARACHI: The Pakistani rupee extended losses against the United States (US) dollar in the interbank currency market on the first trading day of the week.

According to forex dealers, the local unit today depreciated by 29 paisas and is now trading at Rs170.30 against the greenback.

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On Friday, the rupee snapped its 10-day winning streak after it depreciated by 4 paisas to Rs170.1 against the US dollar.

The rupee started recovering from its steep fall against the US dollar on Oct 27, after the government announced Saudi Arabia’s financial support of up to $4.2 billion, raising the central bank’s foreign exchange reserves and boosting the sentiments of the currency market.

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The Kingdom deposited $3 billion with the central bank and extended $1.2 billion of trade finance to support the country’s balance of payments.