The Pakistani Rupee (PKR), at an all-time low of 1.2 percent against the US Dollar (USD), suffered losses today in the interbank markets.
It closed at Rs. After losing Rs. Today, 1.57 on the interbank markets. The intra-day low for the local unit was Rs. Today’s open-market session saw the USD rise to 212.25. The greenback has risen by Rs. since the 11 April arrival of the new government. 29.13 against PKR
Today’s rupee crash against the dollar was the seventh consecutive day. It remained volatile despite Finance Minister Miftah Ismail declaring that the International Monetary Fund’s $6 billion programs would be revived in two days.
The rupee’s continued decline is not due to IMF program renewal delays. This has been caused by quarter-end payments, a spiraling current account deficit, and extensive import bills.
Oil prices rose on Tuesday due to high summer fuel demand, Experts predict that oil demand will rise further due to the opening of China, the possibility of summer travel in northern hemispheres, and warmer weather in the Middle East. Oil prices will rise because of the slowing supply growth and lower demand growth in the following months.
Brent crude oil settled above $115 during early trading hours, while US West Texas Intermediate (WTI) settled at $112.1 per bar.
Today, the PKR fell further against major currencies on the interbank markets. It fell 40 paisas to the Saudi Riyal, 41 paisas to the UAE Dirham and 76 paisas to the Australian Dollar (AUD), and Rs. 2.14 against the Canadian dollar (CAD) and Rs. 2.14 against the Canadian Dollar (CAD) and Rs.
It also lost Rs. It lost Rs.