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Currencies India & Pakistan see heightened volatility

In the coming days, the currencies of India and Pakistan will continue to witness increased volatility as global economic concerns and the possibilities of a further plunge in financial and oil markets deepen, analysts have said.

The Indian rupee, after breaching the 74 per dollar mark to hit a 17-month low of 74.17 on Monday, closed on Tuesday at 20.14 against the dirham, but could extend the slump when the market opens after Tuesday's Holi festival holiday.

The Pakistan rupee declined 0.7 per cent on Tuesday, extending a two-day decline to 2.1 per cent, the most in eight months as foreign investors withdraw $180 million from Pakistan's treasury bills in the first six days of March.

Dharmesh Krishnan, assistant general manager at Belhasa Global Exchange, said the Indian rupee is expected to trade weaker in the short term on account of the global meltdown over the past few days.


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