Rupee falls 71 paisas on financial crisis

Rupee falls 71 paisas on financial crisis

KARACHI: The Pak Rupee declined by another 71 paisas against dollar on Thursday amid global financial crisis have been deepened after World Health Organization (WHO) declared coronavirus as global epidemic.

The rupee ended Rs159.14 to the dollar from previous day’s closing of Rs158.43 in interbank foreign exchange market.

The local currency fell by Rs4.89 or 3.16 percent against dollar during past four days trading.

Currency experts said the outflow of investment from local debt securities was the primary reason for the rupee devaluation.

The foreign currency market was initiated in the range of Rs158.95 and Rs159.10. The market recorded day high of Rs159.25 and low of Rs158.85 and close at Rs159.14.

The exchange rate in open market also witnessed devaluation in rupee value. The buying and selling of dollar was recorded at Rs157.50/Rs158.50 from previous day’s closing of Rs158.00/Rs158.50 in cash ready market.

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