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At the interbank opening, the rupee stays steady

KARACHI: The Pak Rupee stayed firm in early trade on Wednesday at the interbank foreign currency market, with no noteworthy movements. At the start of the interbank market, the dollar is trading at Rs174.30. On Tuesday, November 23, 2021, the exchange rate was Rs174.30.

Also read: The dollar increases to Rs171.85 in the interbank market due to the lack of an IMF agreement

Reduced dollar demand from importers and optimistic mood from the reactivation of the International Monetary Fund’s (IMF) $6 billion Extended Fund Facility helped the local currency make no significant movements versus the interbank market’s last day close.

Analysts said that a slowdown was seen in the demand for the foreign currency from importers and the corporates, while the exporters sold dollars, which helped the rupee in keeping a stable position at the opening of the interbank market.

Also read: ‘The IMF is pushing for PIT, or Corporate Income Tax, to be increased’

The foreign currency reached an all-time high of Rs175.73 on November 7.

The buying and selling of the dollar at the open market was recorded at Rs175.5 and Rs177.

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