Tuesday, October 20, 2020

Rupee sharply declined against USD as tension grows with India

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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 shed 38 paisas against dollar on Tuesday to close at Rs139.06 compared with the last closing of Rs138.68 in inter-bank market.

Although the demand and supply situation remained balance, the heightening tension with India spread a little panic in the market.

Indian jets violated Pakistan’s air space, which the India termed an attempted surgical strike.

The demand by the importers and corporate sector was offset by flow of remittances and export receipts. Rupee remained stable against the greenback in the open market.

Malik Bostan Khan, President Forex Association of Pakistan said that India is trying to push region’s economy under volatile condition for the power hunger.

Bostan said that the Rupee weakened for short period on speculations. the buying and selling of US dollar was recorded at Rs138.50/Rs138.90 as against last closing of Rs138.50/Rs139.00 in cash free market.

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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