Rupee rebound continues as US dollar drops

KARACHI: The Pakistani rupee continued its recovery 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 opened on a positive note at Rs171.65 and climbed further to Rs171, registering appreciation of 65 paisas against the greenback in the interbank market.

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In the open market, the rupee rose to Rs171.30 after gaining 30 paisas against the dollar.

On Friday, the local unit had closed at Rs171.65 against the greenback, registering appreciation of 61 paisas (0.36%).

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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.