Friday, October 7, 2022

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


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.
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