Aaj TV News

BR100 4,519 Increased By ▲ 22 (0.49%)
BR30 18,277 Decreased By ▼ -62 (-0.34%)
KSE100 44,114 Increased By ▲ 178 (0.41%)
KSE30 17,034 Increased By ▲ 95 (0.56%)
COVID-19 TOTAL DAILY
CASES 1,284,189 303
DEATHS 28,709 5
Sindh 475,248 Cases
Punjab 442,950 Cases
Balochistan 33,479 Cases
Islamabad 107,626 Cases
KP 179,928 Cases

US dollar soars to Rs175 against rupee in intraday trade: report

26 اکتوبر 2021
Traders are nervous and unsure about the next move, which is causing the high level of stress, says former Treasury Head at Chase Manhattan. Reuters
Traders are nervous and unsure about the next move, which is causing the high level of stress, says former Treasury Head at Chase Manhattan. Reuters

The US dollar has touched a new hike against Pakistan's rupees soaring to Rs175 in intraday trade on Tuesday.

According to a report on Mettis Global, a web-based financial data and analytics portal, the rupee has fallen to a new low of Rs175 against the US dollar at 12:23pm in comparison with the previous session in which the domestic currency had closed the trade at 174.43.

Quoting Asad Rizvi, the former Treasury Head at Chase Manhattan, the report said, “Market needs a firmer direction. Traders are nervous and unsure about the next move, which is causing the high level of stress.”

As per the report the rupee weakened by 37 paisa in the intraday trade, backed by higher demand for the American currency that shattered the traders' sentiments.

In the report, Rizvi said there was no stopping to rupees' one-sided move as the players were unsure about the size of the next hike. Rebalancing of portfolio and mitigating financial losses is tough, he added.

IMF talks

So far the Ministry of Finance is silent about the outcome of the negotiations with the International Monetary Fund (IMF) for the revival of its $6 billion Extended Fund Facility.

The government is yet to announce outcome of the talks between the country and IMF that began on October 4 and were scheduled to conclude by October 15. However, the negotiations prolonged until October 23.