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The Pakistani rupee continued to recover against the US dollar on Friday gaining another 21 paisas in the interbank market. The local currency settled at Rs176.77 against the greenback. US dollar faced a decline in the open market too and lost 30 paisas to settle at Rs178.20. On Thursday, the rupee gained 70 paisas in the open market. Forex Association of Pakistan President Malik Bostan says that the decline of cryptocurrency values has led to a decrease in the US dollar demand. Since November 2021, Bitcoin has lost 45 per cent of its value and more than $1,000 billion have vanished from the market. Strict policies and regulations enforced over cryptocurrencies in Pak. ....
The Pakistani rupee managed to halt its losing streak against the US Dollar Thursday after it gained 70 paisas on the open market. According to State Bank of Pakistan (SBP) the value of the rupee remains unchanged on the interbank market at Rs176.98. In the open market, the rupee gained 70 paisas to Rs178.50 against the greenback. According to Forex Association of Pakistan President Malik Bostan, the declining value of cryptocurrency is leading to a decrease in the demand for the US dollar. This is why it is losing value against the rupee, he said. Since November 2021, Bitcoin has lost 45 per cent of its value and more than $1,000 billion have vanished from t. ....