US dollar appreciates by 62 paisa against rupee

KARACHI: The United States (US) dollar appreciated by 62 paisa against the Pakistani rupee at the start of day’s trading on Tuesday, ARY News reported.

According to forex dealers, the greenback is trading at 167.20 against the domestic currency at the interbank foreign exchange market.

The dollar had finished at Rs166.58 against the local unit the other day.

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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.

But a record spike in new global cases has capped moves, while moves by Beijing and parts of Australia to re-introduce some restrictions added to the cautious mood.

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The risk-sensitive Aussie reversed early losses and was last up 0.3% at $0.6854, the New Zealand dollar rose 0.3% to $0.6422.

Against a basket of currencies, the dollar gave back a bit of last week’s gains and fell 0.2% to 97.501.