Pakistan: Rupee Recovers After Falling to Near All-Time Low

Pakistan: Rupee Recovers After Falling to Near All-Time Low

Published June 30th, 2020 - 06:00 GMT











Highlights





On Monday, Pakistani parliament approved Rs7,294.9 billion federal budget for fiscal year 2020-21 with zero new taxes.





The Pakistani rupee on Monday traded near all-time lows against the UAE dirham on Monday morning after terrorists attacked the Pakistan Stock Exchange (PSX), however, the currency recovered in late session on budget approval and news about fresh fund inflows in July.

The PSX also shrugged off the terrorist attack and focused on the tax-free budget approval for 2020-21 by parliament on Monday. The KSE-100 Index slumped 207 points in the morning after the terrorist attack but recovered losses and ended 0.71 percent, or 242.3 points, higher at 34,181.8 points.

The rupee recovered as the situation around the PSX was brought under control by the law enforcement agencies. The rupee fell 0.3 per cent from 45.58 to as low as 45.72 but later recovered to 45.63. The currency had hit al-time low of 45.82 on March 29, 2020. It has lost 8.1 per cent year-to-date against the dirham and the US dollar.

Four terrorists attacked Pakistan Stock Exchange building causing death of nine people including four attackers.

Traders said a major disaster was