Wednesday, October 28, 2020

Pakistan: Rupee hits historic low against USD, 27 rupees decline since March

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Pakistan Rupee continues to take battering as it shed another Rs.6.85 against USD on Wednesday to close at Rs164.00 in the interbank, historic low, compared with last closing of Rs157.15 as the government and central bank have lost all control.

With a consistent downward trend, Pakistani Rupee touched another all-time low with a decline of Rs 6.30 closed at Rs163.00 in the cash free market against US dollar on Wednesday.

The rupee has continued to slide down against the greenback in recent weeks.

The dollar was recorded a jump of Rs 27 from March till the date (during four months).

It may be noted that the rupee went into free fall when PM’s adviser on Finance Abdul Hafeez Sheikh announced the finalization of a three-year bailout with the International Monetary Fund (IMF) for $6 billion.

Earlier in the day, the dollar was being traded at Rs2.2 on the onset of trading and within a few hours it soared to Rs. 6.85 in the interbank market.

Last week, the US dollar continued to gain strength against the Pakistani rupee as it was being traded at Rs157 in the open market.

Earlier on June 14, the worth of the greenback increased by Rs3.10 in the interbank market to reach Rs156 against USD.

Read also: Weekly review: Market bleeds as KSE-100 sheds 1550 points on rupee devaluation, MPS

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
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