The USD also rose by 70 paisas in the open market and is being traded at Rs155 - OyeYeah News
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.
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.
A minor earthquake struck in Karachi's Malir District on Wednesday evening. According to the National…
US President Joe Biden is reported to have signed four bills that also included a…
The United States has once again threatened Pakistan with imposing sanctions for signing new agreements…
Mohammad Rizwan and Irfan Khan have been ruled out of the last two T20Is against…
Hiba Bukhari and Danish Taimoor have been paired up again after 4 years for Geo…
A first look at 'Zard Patton Ka Bunn' starring Sajal Aly and Hamza Sohail leaves…
OyeYeah is an entertainment project powered by Alliancez Inc. We’re motivated to digging up fresh, authentic news. Oye Yeah does not work on rumors! We have all sourced news because we believe in bringing our readers the best. We have a vision and we’re striving hard to achieve it day in, day out!
Read More
