Thursday, October 22, 2020

Pakistani Rupee sheds 3 percent in a single day

Featured

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes...

Indonesia to host Trade Expo Indonesia 2020 Virtually

The Government of Indonesia is once again hosting its biggest annual international business exhibition, the Trade Expo Indonesia (TEI)...
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]

Latest News

New York authorities preparing for possible riots after the election

New York City Mayor Bill de Blasio announced that the major American city authorities are preparing for possible unrest...

Trump: 180 million Americans would miss health care plans if Biden came to power

US President Donald Trump did not stop attacking his rival in the US presidential election, Democratic candidate Joe Biden, sending a message to Americans,...

The European Court of Human Rights condemns Turkey of violating the right to freedom of expression

The European Court of Human Rights has convicted Turkey of violating the right to freedom of expression of two university students who have been...

GIP releases inaugural annual report at second plenary meeting

The Second Plenary Meeting of the Green Investment Principles for the Belt and Road (GIP) was held today in Beijing, with over 130 representatives...

Pakistan re-elected as member UNHRC

Pakistan has been re-elected to the United Nations Human Rights Council (HRC) with an overwhelming majority securing 169 votes in the 193-member UN General...

Related News