Friday, October 23, 2020

Pakistani Rupee stays in pressure on speculations

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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 27 paisas against US Dollar on Wednesday in the inter bank market.
There are growing speculations that the State Bank of Pakistan has started adopting a flexible exchange rate mechanism to meet the International Monetary Fund (IMF) condition.
It is being expected that an agreement between the government of Pakistan and the IMF bailout will be reached by the middle of this month.
There was increased dollar demand in the market, but the central bank didn’t intervene to rescue the rupee and permitted the market to determine the rupee value.
Rupee closed at Rs141.46 compared with the last closing of Rs141.19 as demand from importers and corporate sector remained higher.
Rupee shed 50 paisas against the greenback in the cash free market.
Malik Bostan Khan, President Forex Association of Pakistan, said the buying and selling of US Dollar was recorded at Rs142.50/143.00 as against last closing of Rs142.00/142.50 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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