The Pakistani Rupee (PKR) fell to a new all-time low versus the US Dollar (USD) today in the interbank market, posting losses.
It lost 67 paisas in the interbank market today and finished at Rs. 181.73.
During today’s open market session, the local currency dropped 48 paisas versus the US dollar.
For the eighth day in a row, the rupee continued its record-breaking slide against the dollar. It has lost Rs. 3.22 versus the greenback since March 11, when it screamed below pre-IMF values of Rs. 178.
A high dollar makes oil more costly for holders of other currencies, posing a significant danger for developing nations such as Pakistan, and this thought is causing fear in local markets.
Pakistan is heavily dependent on imported energy, and the country’s declining foreign exchange reserves have sparked concern among importers, who are purchasing foreign currency at an all-time low inter-bank rate.
When it comes to foreign affairs that impact economic development, European Union countries are divided on whether to join the United States in banning Russian oil. Countries like Germany argue that the area is too reliant on Russian energy to sustain such a move.
At the time of publication, benchmark Brent oil futures had risen to $115.9 a barrel, while US West Texas Intermediate (WTI) crude had risen even further to $112.