News

Bullish dollar available for Rs166.92 in inter-bank, Rs168 in open market

April 2, 2020 07:05 PM


The rupee continued losing ground against the US dollar which was available for Rs166.92 after gaining nine paisas by the time inter-bank trading closed on Thursday.

On the other hand, the dollar gained Rs1.50 in open market as its exchange rate stood at Rs168.

Meanwhile, the pound sterling too got stronger by 89 paisas against the rupee as it was available for Rs207.24 in inter-bank rate.

However, a slight decrease was recorded in the case euro which traded at Rs182.26 after losing 47 paisas.

Last week, the US dollar reached the record high of Rs169 on Friday morning but suddenly lost Rs4 in inter-bank rate against the rupee in the afternoon after the State Bank of Pakistan (SBP) intervened to check the upward curve in its value.

The SBP had pumped around $300 to $400 million into the system to stabilise the exchange rate after the day began with more bad news for the rupee as it became weaker with the dollar reaching the value of Rs169, the highest in the history.

Meanwhile, former finance minister Ishaq Dar on Wednesday said that the transfer of “hot money” from Pakistan was the reason behind the weakening rupee. It was a continuation of the PTI government’s devaluation-driven disaster, he added.

https://twitter.com/ MIshaqDar50/status/ 1245383249414762500

In a tweet, Dar claimed that $2.1 billion had been transferred out of the country by March-end after a total of $3.5 billion came into Pakistan because of the “exorbitant” interest rate of 13.5 percent.

https://www.youtube.com/watch?v=pOavNaBX4NU


Most Read

  1. Solar panel rate sinks massively in Lahore Solar panel rate sinks massively in Lahore
  2. LHC orders steel mill demolition over pollution LHC orders steel mill demolition over pollution
  3. Foreigners safe after suicide-bomber targets their van in Karachi Foreigners safe after suicide-bomber targets their van in Karachi
  4. Mehar Bano and Mamya Shajaffar’s bold dance videos invite public's wrath Mehar Bano and Mamya Shajaffar’s bold dance videos invite public's wrath
  5. Finance minister rules out further rupee devaluation Finance minister rules out further rupee devaluation
  6. Iran shoots down several drones as Israel ‘launches’ attacks Iran shoots down several drones as Israel ‘launches’ attacks

Opinion

  1. Insights into the Pakistan Stock Exchange's Recent Record High Triumph
    Insights into the Pakistan Stock Exchange's Recent Record High Triumph

    By Zulfiqar Ali Mir

  2. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  3. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  4. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  5. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  6. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer