Tuesday, August 9, 2022

Rupee shed 77 paisas against US dollar on economic uncertainty


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 77 paisas against US dollar to close at Rs140.40 on Friday compared with the last closing of Rs139.63 in inter-bank market.
The demand from importers and corporate sector remained higher ahead of long weekend.
A sense of uncertainty prevails in the market as the country’s economic situation is not improving while the looming IMF program and its subsequent conditions also created unrest.
However rupee took a serious hit in the open market where it shed Rs1.10  on rising demand and forward bookings..
Malik Bostan Khan, President Forex Association of Pakistan said the buying and selling of US dollar was recorded at Rs140.80/Rs141.10 as against last closing of Rs139.70/Rs140.20 in cash free market.
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