KARACHI: The rupee plunged by Rs2.14 against the dollar on Monday, owing to a steep fall in the foreign exchange reserves and the rumours of freezing foreign currency accounts, dealers said.
The exchange rate ended at Rs200.06 against the greenback from last Friday’s closing of Rs 197.92 in the foreign exchange market.
The dealers said the rupee was under pressure due to a sharp decline in the foreign exchange reserves and panic in the market, owing to the reports of the government’s action to freeze the foreign currency accounts.
Read more: Miftah Ismail rules out imposition of financial emergency in Pakistan
The rupee hit an all-time low of Rs202.01 against the dollar on May 26, 2022. However the same day, the government decided to increase the petroleum prices to pave the way for the resumption of the IMF loan programme.
Following this decision, the rupee made a significant recovery to Rs197.59 on June 2, 2022.
KARACHI: A big good news has come out for government employees of Sindh. It has…
ISLAMABAD: The prices of chicken and eggs have skyrocketed. The government price of chicken meat…
TEHRAN: After the restoration of maritime transportation in the Strait of Hormuz, crude oil prices…
ISLAMABAD: Pakistan’s open currency market is witnessing an unusuawith demand for the Iranian rial rising…
LAHORE: An important forecast of the Meteorological Department regarding the weather in Lahore has come…
ISLAMABAD: The federal government has introduced new income tax slabs for government employees and salaried…