Sunday, November 29, 2020

Pakistan: Rupee hits all-time low against USD

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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]

With a consistent downward trend, Pakistani Rupee touched another all-time low Rs153.50 in the cash free market on Tuesday. With a decline of Rs 2.60, the rate decreased to Rs153.50 in the cash free market against US dollar.

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

The dollar was recorded at Rs149.50 on Friday, at Rs147.50 on Thursday and Rs143.95 on Wednesday, in the past week.

It may be noted that the rupee went into free fall following three days 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.

Few days earlier, taking the notice of the devaluation of rupee against the US dollar, Prime Minister Imran Khan ordered to launch crackdown against money changer companies selling dollar above market rate.

In the light of government’s directions, Federal Investigation Agency (FIA) has also launched a crackdown against dollar hoarders as well as those involved in Hawala Hundi business.

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Read also: 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]
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