US Dollar continues to climb against Rupee

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From Zeeshan Mirza

KARACHI: The United States (US) dollar continued its gains against the Pakistani rupee (PKR) on Monday at the end of days trading, media reported.
According to currency exchange dealers, the greenback registered further gains of Rs0.98 paisa to reach Rs164.08 in the interbank market.
Open market also saw the US dollar register a Rs0.50 paisa increase in value against the PKR.
Exchange companies told that the dollar which was previously being traded at Rs163.50 was now worth Rs164.
Earlier in the day, State Bank of Pakistan (SBP) issued a report highlighting how coronavirus affected economic situation of the country. In a series of videos posted on micro-blogging site Twitter, the country’s central bank said that COVID-19 had impacted the global economy, bringing a simultaneous negative impact on the country’s remittances.
“Purchasing power of the people at local level and foreign investments have also witnessed a decline,” it said as the virus also affected business activities at local level. It said that decrease in purchasing power would lead towards affecting country’s GDP.