Tuesday, August 16, 2022

Rupee weakens against US dollar


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 15 paisas against dollar on Tuesday to close at Rs139.00 compared with the last closing of Rs138.85 in inter-bank market, as demand remained higher.
The market sentiment was improved because of the successful visit of Saudi Crown Prince Mohammed bin Salman, who pledged $20 billion in investments.
The demand by the importers and corporate sector was offset by flow of remittances and export receipts.  However, the market adjusted on Tuesday
Rupee shed 30 paisas against dollar in the open market also.
Malik Bostan Khan, President Forex Association of Pakistan said the buying and selling of US dollar was recorded at Rs138.50/Rs139.00 as against last closing of Rs138.60/Rs139.10 in cash free market.
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