Dollar down, pound up against Pakistani rupee

By: News Desk      Published: 05:53 PM, 21 Jul, 2020
Dollar down, pound up against Pakistani rupee

The US dollar shed some value against the rupee on Tuesday after the historic gains made on yesterday. However, the pound sterling was up by Rs1.27 in inter-bank rate and Rs1 in the open market.

According to 24NewsHD TV channel, the rupee regained 40 paisas against the dollar and 76 paisas against the euro in inter-bank rate. As a result, the dollar closed at Rs167.90 and the euro at Rs192.14.

Meanwhile, in the open market, the dollar ended the session at Rs168.20 after a loss of 60 paisas but the euro gained 50 paisas and was available for Rs190.50.

However, the pound moved on a different trajectory both in inter-bank and open market trading by closing at Rs213.03 and Rs213 respectively.

Earlier on Monday, the dollar set a new record in the country’s history as it was traded for Rs168.30 in inter-bank exchange rate after a gain of 97 paisas.

But it wasn’t just the dollar as the euro was up by Rs2.36 and the pound sterling by Rs1.87 during a session where the rupee was bulldozed by the world’s top currencies.

By the time trading was closed, the euro was available for Rs192.90 and the pound for Rs211.76.

On the other hand, the dollar closed Monday at Rs1.68.80 in the open market after gaining Rs1.20. Similarly, the euro was available for Rs191 with a gain of Rs1.50 while the Rs1 means the pound ended the day at Rs212.

Last week saw the dollar gaining 98 paisas in inter-bank rate and 80 paisas in the open market. The euro, meanwhile, was up by Rs3.08 in inter-bank rate and Rs2 in the open market.

Meanwhile, the pound closed the week a gain 52 paisas in inter-bank trading and 2 paisas in open market.

The rupee has been feeling the heat ever since the government opted for devaluation, resulting in devastating consequences for the economy with higher inflation and reduced production and consumption.