In the interbank market, the Pakistani rupee (PKR) continued to lose versus the US dollar (USD). After touching an intra-day low of Rs. 177.7 versus the US dollar during today’s open market session, the rupee shed 21 paisas against the greenback.
After global oil prices shattered multi-year highs amid major supply disruptions across international markets, the rupee finished in the negative versus the dollar today.
As traders raced to avoid being involved in penalties, the Russian oil supply was interrupted, pushing benchmark crude oil prices close to $120 a barrel.
Brent oil futures rose to $119.84 a barrel, the highest level since 2012. Support also came from multi-year lows in US petroleum inventories, which helped lift Brent crude prices to their highest level since 2012. The contract has increased $2.18, or 1.9 percent, to $115.11 per barrel at 10:24 GMT.
In the United States, West Texas Intermediate crude hit a high of $116.57, its best since 2008, before dipping to $113.12, up $2.52 or 2.3 percent.
Increase in exports helped in reduction of trade deficit to $ 3.1bn. But higher imports is a bad sign due to fewer business days in February. While impact of surging OIL prices will be felt next month. Remittances will provide clearer picture to determine C/A position
— Asad Rizvi ?? (@asadcmka) March 3, 2022
The PKR reversed gains against other major currencies and reported losses in the interbank currency market today. It lost 34 paisas against the Euro (EUR), Rs. 1.25 against the Australian Dollar (AUD), Rs. 1.43 against the Canadian Dollar (CAD), and Rs. 2.21 against the Pound Sterling (GBP)