KARACHI: According to currency traders, the rupee may take a knock from rising global commodity prices, continuing under pressure against the US dollar in the next week.
The local currency lost one rupee versus the dollar at the conclusion of the trading week, finishing at Rs178.51 on Friday, down from last week’s closing level of Rs178.50.
The currency traders emphasized that Pakistan’s internal requirements are heavily reliant on the import of global commodities such as oil, gas, coal, and palm oil, but that the global crisis triggered by the Russia-Ukraine war has resulted in a spike in commodity prices, particularly for those listed.
They said that crude oil prices soared to $139 per barrel in the previous week and, despite a little decline, remained high enough to drive up Pakistan’s petroleum import cost.
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