US Dollars Jumps Record High Against Pakistani Rupee
The latest reports say that the US dollar has reached approximately 167/167.5 in the intrabank during early trading hours on Thursday.
The US dollar reached approximately 167/167.5 in the intrabank during early trading hours on Thursday. The experts said that the move of foreign investors of pulling out hot money from the government bill was the major reason behind depreciation of Pakistani rupee against the US dollar.
The State Bank of Pakistan (SBP) said that the total gross divestment during March 2020 just reached $1.501 billion as it was expected trend of foreign outflows leaving the country owing to Coronavirus outbreak.
“ Around $95 million of treasury bills (T-bills) was divested by the foreign investors on March 24,” said the experts while quoting the Special Convertible Rupee Account (SCRA) which checks inflows and outflows from foreign countries.