Wednesday, April 8, 2020

Rupee sheds 70 paisas in open market as talks with IMF proceed

Featured

Russia begins clinical trials of Coronavirus drugs

The press service of the Russian Federal Biomedical Agency announced that clinical trials based on mefloquine, hydroxychloroquine and caledavir...

Coronavirus: UK Premier transferred to intensive care

British Prime Minister Boris Johnson was transferred to intensive care tonight at St Thomas hospital after his condition deteriorated...

New York: 102,863 Coronavirus cases, escalating daily

New York Governor Andrew Como has announced that the number of Coronavirus cases in the state has risen to...
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 lost 70 paisas in the open market at 05.00 PM trading carried on Monday. Open market  buying 138.50 and selling at Rs139.20. In inter-bank market, as demand from importers and corporate sector was higher on the first day of week. Rupee devalued 60 paisas.
After a continuous bullish streak recently, the local currency adjusted against the greenback. Moreover, the talks between PM Imran Khan and IMF Chief in Dubai led to rumors and speculation in the market. The market is abuzz that a program with IMF has been agreed upon and there would be further devaluation among other conditions.
The demand remained higher, while the flow of remittances and export receipts continued as per normal trend.  Rupee shed 70 paisas against dollar in the open market.
Malik Bostan Khan, President Forex Association of Pakistan said the buying and selling of US dollar was recorded at Rs138.50/Rs139.20 as against last closing of Rs138.20/Rs138.60 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]

Latest News

ExxonMobil Reduces 2020 Capex by 30%, Cash Opex by 15%; Maintains Long-Term Outlook

ExxonMobil said today it is reducing its 2020 capital spending by 30 percent and lowering cash operating expenses by...

Russia begins clinical trials of Coronavirus drugs

The press service of the Russian Federal Biomedical Agency announced that clinical trials based on mefloquine, hydroxychloroquine and caledavir drugs for the treatment of...

Coronavirus: UK Premier transferred to intensive care

British Prime Minister Boris Johnson was transferred to intensive care tonight at St Thomas hospital after his condition deteriorated following his coronavirus hospitalization. This...

New York: 102,863 Coronavirus cases, escalating daily

New York Governor Andrew Como has announced that the number of Coronavirus cases in the state has risen to 102,863. He said: "New York is...

Pakistan: ABAD terms Construction Incentives as historic

Chairman Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani has termed the incentives announced by Prime Minister Imran Khan as a historic...

Related News