Saturday, August 20, 2022

Rupee shed 14 paisas against USD as tension grows with India 


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 16 paisas against dollar on Wednesday to close at Rs139.20 compared with the last closing of Rs139.06 in inter-bank market.
Although the demand and supply situation remained balance, the heightening tension with India spread a little panic in the market.
Exchange of fire between the troops and subsequent air combat resulting in crash of Indian jets heightened the tension.
The demand by the importers and corporate sector was offset by flow of remittances and export receipts.
Rupee shed 20 paisas against the greenback in the open market.
Malik Bostan Khan, President Forex Association of Pakistan said the buying and selling of US dollar was recorded at Rs138.70/Rs139.20 as against last closing of Rs138.50/Rs139.00 in cash free market.
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