US dollar hits new high against rupee in intra-day trading

KARACHI: The United States (US) dollar maintained its upward trend against the Pakistani rupee during intra-trading in the interbank market on Friday.

According to forex dealers, the greenback appreciated by 49 to touch a new all-time high of Rs176.97 against the domestic unit. The dollar had finished at Rs176.42 against the rupee in the interbank market the previous day.

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In the open market, however, the greenback is trading as high as Rs177.90 against the local unit.

Separately, the State Bank of Pakistan (SBP) said that the foreign exchange reserves held by the central bank declined by US$ 244 million on a weekly basis.

On November 26, according to SBP data, the foreign currency reserves held by the central bank clocked in at $16,010.3 million, falling by $244 million compared with $16,254.1 million on Nov 19.

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Overall foreign currency reserves held by the country, including net reserves held by commercial banks, were recorded at $22,498.8 million. Net reserves held by banks other than stood at $6,488.5 million.