The Pakistani Rupee (PKR) maintained its record slide against the US Dollar (USD) Wednesday, with interbank traders reporting losses. At the completion of today’s session, the local currency fell 30 paisas versus the greenback.
It depreciated 0.16 percent versus the dollar today, ending at Rs. 182.64 after losing 15 paisas and closing at Rs. 182.34 on Tuesday, 29 March, in the interbank market. During today’s open market session, the native currency fell to an intra-day low of Rs. 182.70 versus the US dollar.
Today, the rupee fell to another all-time low versus the dollar, owing to the country’s growing political instability, which has lasted for the larger part of 2022. To recap, the nation slid into political anarchy on March 8 when the opposition benches submitted a motion of no-confidence in Prime Minister Imran Khan to the National Assembly Secretariat.
Global factors affecting the local economy include a 2% decline in oil prices on Tuesday as negotiations between Russia and Ukraine to resolve their war progressed. Additionally dragging on oil supplies, new Chinese lockdowns aimed at controlling the spread of COVID-19 sparked fears that fuel consumption might plummet.
Brent futures were trading at $112 per barrel at the time of publication, while West Texas Intermediate (WTI) was trading at $106 per barrel.
Earlier in the day, Asad Rizvi, the former Treasury Head of Chase Manhattan Bank, said that the interbank market is “likely to remain fragile & apprehensive till the dust settles.” This suggests that the market will disregard the economy’s ups and downs
The Pakistani Rupee (PKR) maintained its record slide against the US Dollar (USD) Wednesday, with interbank traders reporting losses. At the completion of today’s session, the local currency fell 30 paisas versus the greenback.
It depreciated 0.16 percent versus the dollar today, ending at Rs. 182.64 after losing 15 paisas and closing at Rs. 182.34 on Tuesday, 29 March, in the interbank market. During today’s open market session, the native currency fell to an intra-day low of Rs. 182.70 versus the US dollar
Brent futures were trading at $112 per barrel at the time of publication, while West Texas Intermediate (WTI) was trading at $106 per barrel.
Earlier in the day, Asad Rizvi, the former Treasury Head of Chase Manhattan Bank, said that the interbank market is “likely to remain fragile & apprehensive till the dust settles.” This suggests that the market will disregard the economy’s ups and downs”.
INTER BANK MARKET…
Is expected to remain shaky & nervous until the dust settles. This means market will ignore the ups & downs of economy. Data will not provide any firm guidance, as all funding & receivables in pipeline could be delayed because of uncertain condition.
— Asad Rizvi ?? (@asadcmka) March 30, 2022
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