Categories: Latest News

US Dollar climb by Rs1.76 against Pakistani Rupee amid global panic

The value of the US dollar has increased by Rs1.76 against Pakistani Rupee and is being traded at Rs156, showing an increase of over one percent.

Furthermore, the USD also rose by 70 paisas in the open market and is being traded at Rs155.

The recent development comes amid a historic plunge in oil prices lead to a drastic bearish trend at the Pakistan Stock Exchange (PSX) on Monday after the benchmark KSE-100 Index declined by over 2,000 points.

The oil prices saw a historic drop after Saudi Arabia shocked the market by launching a price war against Russia.

Related Post

Crude oil fell by almost 30pc on Monday, the lowest since 1991. Brent crude futures fell by as much as $14.25, or 31.5pc, to $31.02 a barrel.

That has been the biggest percentage drop since January 17, 1991, at the start of the first Gulf War and the lowest since February 12, 2016.

Earlier on Friday, OPEC and Russia failed to agree on a decision to cut oil production that would have contained the plunge.

Furthermore, on Saturday, Saudi Arabia’s state oil giant Aramco slashed export prices by $6 to $8 to retake market share from Russia.

Saman Siddiqui

Recent Posts

  • Entertainment News

Maula Jatt’s Rajjo, Saima Baloch set to feature in ‘Super Punjabi’

Maula Jatt’s Rajjo, Saima Baloch is all set to feature in another Punjabi film 'Super…

5 hours ago
  • Latest News

Gold price shoots to an all-time high in Pakistan

Gold price shoots to an all-time high in Pakistan on Friday. With a fresh increment…

8 hours ago
  • Latest News

Attack on Pakistani embassy in Kabul; Head of mission survives assassination attempt

Attack on Pakistani embassy in Kabul, head of mission survives assassination attempt on Friday. Reacting…

8 hours ago
  • Technology

Google Temporarily Suspends Carrier Paid Apps in Pakistan

Google on Friday has temporarily suspended carrier paid apps in the Play Store for Pakistani…

8 hours ago
  • Latest News

Imran Khan invites govt to hold conditional talks

PTI Chairman Imran Khan on Friday has invited the government to hold conditional talks! Giving…

9 hours ago
  • Latest News

Three ANF officials suspended over viral video of showing them accepting bribes

Three ANF officials suspended over viral video of showing them accepting bribes! The development comes…

9 hours ago