PKR versus US Dollar
Today’s intraday trading saw increases for the Pakistani Rupee (PKR) versus the US Dollar (USD).
It increased by 0.72 percent and ended the day at Rs. 220.89, earning Rs. 1.57 in relation to the US dollar. The local currency was trading at 222.25 versus the US dollar at its intraday low.
The local currency opened up trading at 221 and was positive versus the US dollar. The dollar’s value versus the rupee dropped as low as 220.75 around 10:15 AM. By lunchtime, the dollar’s value versus the rupee reached 221.95. The local currency was completely in the green after 1 PM and remained steady at 220 versus the top foreign currency until the interbank closed.
Finance Minister Ishaq Dar’s appeal to foreign exchange
Following Finance Minister Ishaq Dar’s appeal to foreign exchange businesses to guarantee an adequate exchange rate, the rupee snapped a three-day losing skid against the US Dollar. He emphasized that the rupee’s fair value is less than 200 against the USD and vowed to take harsh measures against anyone who hoards, smuggles, and manipulates US dollars in order to maintain the discounted rupee.
Imran Khan, the former prime minister of Pakistan, kept moving toward Islamabad in an effort to unseat the government. Market attitudes are still entirely dependent on how this scenario plays out. Analysts predict a bearish exchange rate in the following weeks when the federal capital is entirely shut down.
Due to weaker-than-expected manufacturing activity statistics from China and worries that the country’s growing COVID-19 limitations may lower demand, oil prices dropped more than $1 on Monday on a global scale.
In comparison to US West Texas Intermediate (WTI), which fell by 0.83 percent to close at $87.17 a barrel at 3:45 PM, Brent crude was down by 0.65 percent at $95.15 per barrel. With advances of 7.7 percent and 9.3 percent so far in October, respectively, Brent and WTI are on course to post their first monthly gains since May.
Europe, which is anticipated to experience a recession this winter, poses a threat to global oil consumption. The European Central Bank’s policymakers are also continuing with their plans to raise interest rates, despite the fact that doing so might plunge the region into recession and stoke political unrest.
The country’s biggest shale region, the Permian Basin, has seen productivity and volume growth, but some of the major oil producers in the nation issued a warning on Friday. The sirens went off when US oil exports rose to a record high last week, supporting a 3.4% increase in WTI prices. Brent increased by 2.4 percent last week, marking its second consecutive weekly rise.