In today’s interbank market, the Pakistani Rupee (PKR) maintained its record decline against the US Dollar (USD). At the completion of today’s session, the local currency had lost 15 paisa versus the US dollar.
It declined by 0.08 percent versus the US dollar today, ending at Rs. 182.34 after losing 40 paisa in the interbank market on Monday, March 28th, and closing at Rs. 182.19 on Monday. During today’s open market session, the Indian rupee fell to an intraday low of Rs. 182.55 versus the US dollar.
The rupee fell to a new all-time low versus the dollar as global oil prices recovered earlier in the day, recouping some of the previous session’s losses, as Kazakhstan’s supplies remained interrupted and major participants showed no signs of rushing to boost output under the supply shortage.
Brent futures increased 1.37 percent to $114 per barrel at the time of filing, while the West Texas Intermediate (WTI) recovered yesterday’s losses and peaked at $107.
As the nation strives to remove hurdles to fiscal relaxation, the persistent political turbulence and interruption in economic growth continue to drain FX reserves.
While the PKR continues to hit new all-time lows on a regular basis as a result of deteriorating political conditions and the depletion of foreign exchange reserves, Asad Rizvi, the former Treasury Head of Chase Manhattan Bank, commented earlier in the day that economic growth is insufficient to plug the weakness and fill the gap.
In today’s interbank currency market, the PKR battled against most other major currencies, reporting losses. It fell three paisa to the Saudi Riyal (SAR), four paisa to the UAE Dirham (AED), four paisa to the Canadian Dollar (CAD), and Rs. 1.12 to the Euro (EUR).
In today’s interbank currency market, it gained 22 paisa versus the Australian Dollar (AUD) and 53 paisa against the Pound Sterling (GBP).