Wednesday, August 21, 2019
No menu items!
Advertisement
  • Asia

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

Featured

Renewable energy can bring billions of dollars in Midwest and Great Lakes region

Applying current renewable energy standards, ten states in the Midwest and the Great Lakes region of the United States...

China complains on Twitter and Facebook closures

China is facing Twitter and Facebook accounts blocking after criticism on protests in Hong Kong. Chinese citizens and students...

EU will not re-negotiate Brexit with Britain

Finland's Prime Minister Antti Rinne has told Boris Johnson that the European Union EU will not re-negotiate the Brexit...
Avatar
Zain Zubair
Zain Zubair is a staff writer for World News Observer. Zain is a freelance write, 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

Latest News

Australian High Priest George Pell fails to appeal in sexual misconduct case

A court in Australia Wednesday upheld the jail sentence of High Priest and former Vatican treasurer George Pell for...

Australia to join US-led mission in the Strait of Hormuz

Australia will join a US-led mission to protect shipping lines along the Hormuz Strait as tensions with Iran escalate, Prime Minister Scott Morrison said...

Saudi Arabian new passport rules comes into force

Saudi Arabia has begun enforcing regulations that allow women over the age of 21 to apply for a passport and travel abroad without the...

Disney to unveil video streaming service on Apple and Google platforms in November

Walt Disney will launch the Disney plus video streaming service in Canada and the Netherlands on November 12, while Australia and New Zealand will...

Johnson: India and Pakistan should settle Kashmir issue through dialogue

British Prime Minister Boris Johnson said in a telephone conversation Tuesday with his Indian counterpart Narendra Modi that India and Pakistan should settle the...

Related News