Sunday, October 25, 2020

Rupee shrinks against US dollar

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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 11 another 11 paisas against US dollar to close at Rs139.46 on Friday compared with the last closing of Rs139.35 in inter-bank market, as the demand remained higher on the weekend.

The business community as well as analysts have expressed reservations over the IMF’s bailout package, which has reportedly been finalized.

A sense of uncertainty prevails in the market resulting in fluctuations in the rupee value.

Flow of remittances and export receipts remained normal.

Rupee shed 10 paisas against dollar in the open market also.

Malik Bostan Khan, President Forex Association of Pakistan said the buying and selling of US dollar was recorded at Rs138.80/Rs139.30 as against last closing of Rs138.70/Rs139.20 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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