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Business

Web Desk
March 9, 2020

US dollar rises to Rs156.58 in interbank market

Business

Web Desk
Mon, Mar 09, 2020
A dealer counts US dollars at a currency exchange shop in Karachi, Pakistan. AFP/Asif Hassan

KARACHI: US dollar rose Rs2.70 to Rs156.58 in interbank market on Monday. The price of the US dollar shot up Rs2.70 in the open market as trade started on Monday, reaching Rs157 in the open market.

The rapid spread of the coronavirus infection around the world has had a negative impact on the world economy, creating hindrances for supply chains across the globe.

The development also comes in the wake of oil prices crashing by 30% due to a disagreement between the cartel of oil producing and exporting countries (OPEC) and Russia on cutting production.