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The US dollar continued to move upwards against the rupee on Friday, hitting Rs160 in the interbank market for the first time since February.
The rupee depreciated by 70 paisa as the dollar was being quoted at Rs160/160.10 at 10:50am compared to yesterday's closing value of Rs159.30, with trades reported at 160.05.
According to Asad Rizvi, the chief executive officer of Currency Market Associates, big banks were buying US dollars.
More to follow.
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On DawnNews
Comments (18) Closed
Jul 16, 2021 02:03pm
Haters "predicted" Rs 200 to a dollar by mid 2020.
Splendid work, Pakistan.
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Jul 16, 2021 02:06pm
Indian Rupee experiencing one of the worst downward spirals.
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Jul 16, 2021 02:24pm
Happiness of strengthening of Rupee is short lived.
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Jul 16, 2021 02:25pm
Marvelous economic performance showing real results !
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Jul 16, 2021 02:53pm
It will touch 175 come 2023 elections. Shaukat Tareen is working on the same lines as that of Ishaq Dar. Our current account deficit will touch 8-10 billion USD and in 20222-2023 we will face a deficit of 20 billion USD just like in 2018.
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Jul 16, 2021 02:56pm
it will take some time and effort to get us going.
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Jul 16, 2021 02:59pm
Humne ghabrana nahi hai
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Jul 16, 2021 03:11pm
Let us ask Tareen about this fall of rupee from a height.
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Jul 16, 2021 03:13pm
Down from 170 last year. Haters had predicted (wished) Rs 200 by end 2020.
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Jul 16, 2021 04:40pm
To every rise, there is a fall and for every dollar, there is a halt.
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Jul 16, 2021 04:49pm
Record remittance coming, why $ $ is going up.
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Jul 16, 2021 05:35pm
Prices to go up.
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Jul 16, 2021 06:32pm
What's the difference between Ik and the rest all are the same.
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Jul 16, 2021 08:13pm
@Fastrack, Salam Don’t put to much faith in currency fluctuations it is just a game vultures taking benefit. Upside good for Export and increase in Overseas Remittance, Yes as always the Poor, Venerable and Marginalize will suffer that where the Govt to step in and alleviate the situation.
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Jul 16, 2021 08:14pm
SHocked to hear this. In 1990, both Indian and Pakistani rupees had the same value against the $.
Now Indian rupees is at 76 ruppes and pakistani rupees is double that
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Jul 16, 2021 08:21pm
@Mansur Ul Haque, Salam I fully understand that rich are UNHAPPY they have to pay Rs160 instead of 146. Oh well life goes on and as they say it’s All Good, Take some time to smile and be good each other,
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Jul 16, 2021 08:51pm
Even Yen, Euro and Pound Sterling are under pressure today. Guys relax. Its not PKRs only. Listen to US Yellen more closely and you will get the drift.
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Jul 16, 2021 10:35pm
Pakistan now on way to the track of Zimbabwe, where even 12 digits calculator cannot give the exchange rate of Zimbabwean currency equivalent to one US dollar.
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