Sunday, November 29, 2020

Pakistani Rupee hits all time low against USD

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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]

Pakistani Rupee shed another 100 paisas against USD on Friday to close at Rs148.50, all time low, compared with last closing of Rs147.50 as the government and central bank lost all control to IMF.

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Pakistan has signed a deal with IMF and the details of this notorious deal have not even been shared with the cabinet.

However, it was agreed that rupee value would be determined by the market forces and there would be no intervention by the central bank.

Read also: Major decline witnessed in Rupee against USD, Bostan slams critics on Rupee rumors

Pakistan is going through an economic recession while the incompetence of the economic managers aggravated the situation.

Rupee lost Rs1.50 against the greenback in the open market. However, the dollar is hardly being sold anywhere.

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Malik Bostan Khan President Forex Association of Pakistan said the buying and selling of rupee was recorded at Rs148/Rs149 as against last closing of Rs146/147.50 in the cash free market.

Read also: Rupee hits historic low against USD

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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]
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