The Pakistani Rupee (PKR) continued its record plunge against the US Dollar (USD) and posted losses in the interbank market today. The local currency shed five paisas against the greenback despite touching an intra-day low of Rs. 182.15 against the USD during today’s open market session.
It lost 0.03 percent versus the dollar today, ending at Rs. 181.78 after stopping losses at Rs. 181.73 in the interbank market on Thursday.
Despite a reduction in global oil prices and the prospect of resuming crude exports from Kazakhstan’s CPC terminal, the rupee’s downward spiral versus the dollar continued today, with the EU split on whether to impose an oil embargo on Russia.
Brent futures were at $118.4 a barrel, while WTI crude was at $111.4.
In Pakistan, the State Bank of Pakistan (SBP) had significant outflows of $869 million in the week ending March 18, 2022, representing a 5.49 percent weekly decrease.
The SBP said on Thursday that the country’s total liquid foreign currency reserves fell by $843.7 million (-3.78%) to $21.44 billion on March 18, 2022, from $22.28 billion the previous week. SBP reserves fell $869.2 million to $14.96 billion from $15.83 billion a week ago.
In today’s interbank currency market, it also lost one paisa against the Saudi Riyal (SAR) and the UAE Dirham (AED), as well as Rs. 1.03 versus the Euro (EUR).