Pak rupee jumps by Rs1.62 against US Dollar

KARACHI: The rupee appreciated again on Wednesday, rising by Rs1.62 against the dollar in the interbank market, ARY News reported.

According to forex dealers, the rupee appreciated by Rs1.62 and currently trading at Rs159.50.

Currency dealers in the interbank market said demand for dollars is at the lowest level these days.

The Pakistani rupee registered Rs3.57 appreciation in its value against the US dollar in the interbank market on Friday.

Meanwhile, Asian share markets slipped to two-week lows on Wednesday as the floor fell out from under crude prices, exposing the deep economic damage wrought by the global coronavirus health crisis.

Skittish investors sought the safety of government debt as Brent oil futures plunged for a second day to a low last seen almost two decades ago, fueled by a swelling world crude glut.

International benchmark Brent futures dropped below $20 per barrel on Tuesday and last traded at $18.62, down 3.7%. So far this week, it has lost 33.7%.

U.S. June crude futures traded at $12.78 per barrel.

On Wall Street, the S&P 500 lost 3.07% and the Nasdaq Composite, which has outperformed due to increased demand for various internet services amid lockdowns, dropped 3.48%.