No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut
No Result
View All Result
No Result
View All Result

Crisis after crisis, US dollar gains over Rs18 in interbank market

Zain Aijaz by Zain Aijaz
March 2, 2023
in Business, Latest News, National, News, Top News
Reading Time: 1 min read
Perks of living on IMF support; Dollar reaches historic value of 269 against rupee in interbank market

KARACHI: On Thursday, the Pakistani rupee’s everlasting embarrassing performance against the foreign currency continued. The Exchange Companies Association of Pakistan (Ecap) reported that local currency tanked by Rs18.74 in the interbank market. In the morning, the US dollar was trading at Rs284.85.

According to the State Bank of Pakistan (SBP), the dollar closed at Rs266.11 on Wednesday. The local currency is facing a steep decline in value due to a delay in the finalisation of the deal between Pakistan and International Monetary Fund (IMF). Some sources said the deal would have been finalised by February 28, 2023. However, Pakistan is unable to convince the global financial institution to release the loan tranche.

Pakistan under economic crisis
Pakistan is facing a severe economic crisis, as its reserves are depleting with every passing day. The reserves have dropped to around $3 billion which will only cover imports for three weeks. The situation indicates that Pakistan desperately needs the deal with the IMF and convince it to release the $1.2bn loan tranche.

In addition to that, the country would need friendly countries and other multilateral lenders to provide loans and financial help if it is to avert the looming and what at the moment seems an impending economic disaster in the name of economic default.

Zain Aijaz

Zain Aijaz

Zain is a media student and a writer by passion. He is a certified creative writer from Wesleyan University and enthusiastically writes on non-fiction and political satire. He is vastly experienced in the field of theatre and has served as a theatre mentor across different institutions. Currently, he is a contributor at The Upcut and can be reached at zainaijazdehlvi@gmail.com

Related Posts

tamasha online movie.
Corporate World

Tamasha launches its first original series, ‘Family Bizniss’, featuring the struggles of a middle-class Pakistani family

March 28, 2023
rainfall prediction in pakistan.
Featured

Met Office predicts heavy rainfall and hailstorm in Pakistan from Tuesday

March 28, 2023
Roots International School National Day event.
Education

Roots International School, Kingswood Campus, celebrates Pakistan Day with energetic performances from students

March 27, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TOP NEWS

rainfall prediction in pakistan.

Met Office predicts heavy rainfall and hailstorm in Pakistan from Tuesday

by Zain Aijaz
March 28, 2023

The meteorological department has predicted heavy rainfall and hailstorm from Tuesday (28 March 2023) in most parts of the country....

Imran Khan secures protective bail in seven cases pertaining to clashes at Federal Judicial Complex

Imran Khan secures protective bail in seven cases pertaining to clashes at Federal Judicial Complex

by News Desk
March 27, 2023

ISLAMABAD: Former prime minister and the Pakistan Tehreek-i-Insaf chairman Imran Khan has secured protective bail in the seven cases registered...

Twitter Blue is now available in Pakistan; pricing, details and features revealed!

Twitter Blue is now available in Pakistan; pricing, details and features revealed!

by Zain Aijaz
March 24, 2023

The blue badge verification system (Twitter Blue) has been launched by Twitter across the world and is now also available...

Saim, Tayyab, Zaman and Ihsanullah to debut in first Afghanistan T20I

Saim, Tayyab, Zaman and Ihsanullah to debut in first Afghanistan T20I

by Press Release
March 24, 2023

DUBAI: Pakistan have named a dynamic XI for the first of the three T20Is against Afghanistan at the Sharjah Cricket...

The Upcut is a news platform that brings you the latest news, developments from all walks of life, from all over the world. We cover Business, news from Pakistan and rest of the world, Sports, and Entertainment. You can also read Tech Reviews and How-To Guides for simple solutions and dailylife hacks.

BUSINESS   |   NATIONAL   |   WORLD   |   SPORTS   |   ENTERTAINMENT   |   TECH   |   HOW-TO GUIDES

  • Home
  • About Us
  • Privacy Policy
  • Editorial Guidelines
  • Contact Us
  • Stories

Copyright © 2022 The Upcut. All rights reserved.

No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut

Copyright © 2022 The Upcut. All rights reserved.

Go to mobile version