Pakistani rupee dips to an all-time low against Omani Rial

Pakistani rupee dips to an all-time low against Omani Rial

Muscat - The value of Pakistani rupee dropped to an all time low against Omani Rial on Monday. According to the currency converter XE, one Omani Rial was equivalent to PKR560 bringing smiles on the faces of Pakistani expats.

Meanwhile, the Pakistani Rupee also dipped to a record low against the US dollar with the exchange rate sliding to PKR 212, according to reports on Monday.

The Pakistani rupee witnessed a 1.05 decline at the opening of the inter-bank market, Geo News reported. Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq said.

Karachi Stock Exchange (KSE-100) Index is in the red as the bears, who attempt to profit from a decline in stock prices, continue to dominate proceedings of the stock exchange.

KSE index lost nearly 550 points as of 11:34 am and was trading at 41,532.46 points, local media reported.

Owing to quarter-end payments and delay in the revival of the International Monetary Fund (IMF) programme, the Pakistani rupee on June 21 breached 211-a-US dollar, losing PKR 2 during intra-day trading.

This fall in the rupee's value against the greenback came after traders resorted to panic buying on reports that some commercial banks had run out of foreign currency.

"The market is looking for a direction,