US dollar has strengthened by Rs. 2.34 rupees or 1.50% against Pak Rupee in the interbank market. The currency closed Monday’s trade at Rs. 156.58 per USD. However, the last session closed at Rs. 154.24 per USD.
This is the first-ever drop in rupee value in the last six months, as per the available data. Monday witnessed a highly volatile trading session as quotes recorded were in the range of Rs. 3.41 per USD. The intraday high bid was of Rs.157.95 while the intraday low bid was of Rs.154.60. Pakistani Rupee traded at 155.50/157.50 per USD in the open market.
As per the dealers, the dollar strengthened against the rupee in both the inter-bank and open markets on Monday. This happened due to the uncertainties regarding the coronavirus. Different analysts claim that the drop in rupee is because dollar flow might slow down in Pakistan due to the impact of exports and workers’ remittances.
As per the market men, coronavirus has created panic globally. Oil prices have gone down, and the local equities market has followed suit with other regional markets.
The prices of gold have also reached Rs. 95,200 per tola in Pakistan even though globally its prices have plunged.
In Pakistan, the coronavirus cases have jumped to 16. As 8 new confirmed cases of coronavirus surfaced in Karachi, the total count of cases went up to 13 in the province of Sindh and 16 in total across Pakistan.