Pound, euro, dollar continue thrashing Pakistani rupee

By: News Desk      Published: 04:41 PM, 16 Jun, 2020
Pound, euro, dollar continue thrashing Pakistani rupee

The rupee continued to tumble against the top foreign currencies on Tuesday as the US dollar, euro and pound sterling made significant gains, especially in the open market, reported 24NewsHD TV channel.

In inter-bank trading, the dollar price increased by two paisas, closing the session at Rs164.87. It means has made gains consistently during the past week and the first two days of the current [seven business days].

On June 5, the dollar had reached the level of Rs163. 30 while it currently stands at Rs164.87, representing a gain of Rs1.57 against the local currency.

But the dollar was also strong in the open market on Tuesday with a gain of 30 paisas and closing the trading at Rs165.30, which means it is up by Rs1.80 against the value recorded on June 5.

However, it was the pound that stole the show on Tuesday as it gained Rs1.58 in inter-bank rate and Rs2 in open market, closing at Rs208.30 and Rs209 respectively.

On the other hand, the euro ended the day at Rs186.85 after gaining Rs1.30 in inter-bank rate. It was traded for Rs185.50 with an Rs1 gain in the open market.

If we look at the pound, the pound is up by Rs1.60 in inter-bank rate and by Rs4 in open market against the local currency since June 5.

Meanwhile, the increase in the case of euro during the corresponding period is Rs1.40 in inter-bank trading and Rs3 in the open market.

It is worth noting that the ruling party is still claiming that the previous government led by the PML-N kept the rupee strong artificially, as the statement was repeated in his budget speech too by Federal Minister Hammad Azhar.

But ever since the liberalisation of dollar rate [and other foreign currencies as well], the rupee is getting weaker, resulting in a high inflation at a time the utilities prices are also skyrocketing.