US dollar keeps Pakistani rupee under pressure

By: News Desk
Published: 10:52 AM, 8 Dec, 2022
US dollar keeps Pakistani rupee under pressure
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The US dollar maintained its upper hand in its current streak of putting the Pakistani rupee under pressure and on Thursday also the greenback gave no space to the local currency for manoeuvring in the interbank market, reported 24NewsHD TV channel.

According to the forex dealers, the US dollar went up by 21 paisas against the Pakistani rupee and ended the day at Rs224.37.

The greenback closed the day on Wednesday at Rs224.16, up marginally by five paisas, a depreciation of 0.02% in the inter-bank market.

In a key development the other day, the Finance Division had rejected reports of supposed economic emergency proposals circulating on social media, categorically stating it has no such plans.

The Finance Division in its message said the reports are "unfortunately aimed at creating uncertainty about the economic situation in the country".

Globally, the dollar crept higher on Wednesday as top executives from the biggest US banks warned of an impending recession, which dampened risk appetite and kept the greenback supported.

Top bankers from JPMorgan Chase & Co, Bank of America and Goldman Sachs said overnight that the banks are bracing for a worsening economy next year, as inflation threatens consumer demand.

Reporter Ashraf Khan

Categories : Business