Tag: Pound
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British pound hits 37-year low against US dollar as recession fears grow
As central banks raised interest rates to combat soaring inflation, the pound fell to a record 37-year low versus the US dollar on Friday, raising concerns among traders about the economy’s outlook. Following the Bank of England’s Thursday increase in borrowing prices by 50 basis points, the value of the pound dropped as low as…
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Pakistani rupee gains ground for the third consecutive day
Pakistani rupee (PKR) gained 60 paisas after closing in the inter-bank market on May 31, as a return of clarity on the economic front and a reduction in domestic political turmoil boosted it for the third consecutive day. According to the State Bank of Pakistan (SBP), the local currency closed at Rs198.46 after gaining 60…
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Pakistani rupee plunges by Rs1.05 against the US dollar
In today’s interbank session, the Pakistani rupee (PKR) fell by Rs1.05 versus the US dollar (USD), concluding at Rs186.97 per US Dollar, compared to Rs185.92 per USD on April 20. The rupee had a tumultuous market session, with an intraday high of Rs187.10 and a lowest of Rs186.25. This depreciation of PKR is attributed to the…