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| India-Pakistan |
| Rupee slumps to new lows |
| 2018-03-27 |
| [DAWN] THE local currency market witnessed volatile trade last week after the State Bank of Pakistain allowed market forces to determine the dollar exchange rate. The week was reduced to four trading sessions on account of Pakistain Day Holiday on March 23. On the interbank market, the rupee lost one paisa on Monday. The dollar drifted slightly higher at Rs110.57 and Rs110.58 against the prior weekend’s level of Rs110.56 and Rs110.57. On Tuesday, the rupee plunged over four per cent against the dollar, initially hitting an all-time low above Rs116, due to the central bank’s sudden move to allow rupee devaluation amid economic strains. Later in the session, the rupee recovered losses and settled at Rs114.80 and Rs115.20, still losing Rs4.23 on the buying counter and Rs4.62 on the selling counter. |
| Posted by:Fred |