Friday, June 5, 2020

Pakistani Rupee sheds 3 percent in a single day

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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]

US dollar on Friday jumped nearly three percent against the Pakistani rupee, reached an all-time high.

As per details, the worth of the greenback increased by Rs2.80 in the interbank market to reach Rs156.80 against 154.00 on Thursday’s close.

On Thursday, the Pakistani rupee slid down by Rs0.54 against the greenback. The US dollar was being traded at Rs154 in the interbank.

Following the upward the trend in the interbank, the Pakistani rupee weakened in the open market with a dip of Rs 4.00 sold at Rs157.50

Before the announcement of the federal budget on Tuesday, the dollar had touched Rs151.95 in the interbank market.

After the eve of Eid, the US dollar soars Rs 9 in the interbank and Rs 10 in cash free market.

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.

President Forex Association, Malik Bostan Khan urged the government to bar the cartel of commercial banks. Bostan said that the country will face economic chaos by losing the Rupee value.

Read also: Pakistan: Rupee hits all-time low against USD

 

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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