Tuesday, July 7, 2020

Rupee loses value against USD as the govt, SBP lost control to IMF

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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]

Pak Rupee continues to take battering as it shed another Rs3.0 against USD on Monday to close at Rs151.50, all time low, compared with last closing of Rs148.50 as the government and central bank have lost all control to IMF.

Pakistan has signed a deal with IMF and the details of this notorious deal have not even been shared with the cabinet.

However, it was agreed that rupee value would be determined by the market forces and there would be no intervention by the central bank.

Pakistan is going through an economic recession while the incompetence of the economic managers aggravated the situation.

Rupee lost 90 paisas against the greenback in the open market. However, the dollar is hardly being sold anywhere.

Malik Bostan Khan President Forex Association of Pakistan said the buying and selling of rupee was recorded at Rs150/Rs150.90 as against last closing of Rs149/150.00 in the cash free market.

Read also: IMF Reaches Staff-Level agreement on economic policies with Pakistan for Three-Year EFF, $ 6 billion package agreed

 

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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