Pakistani Rupee further crashes against US dollar in the interbank market
The Pakistani Rupee (PKR) crashed to another all-time low against the US Dollar (USD) and posted losses in the interbank market today. It lost 67 paisas against the greenback after hitting an intra-day high of Rs. 180.30 against the USD during today’s open market session.
It depreciated by 0.38 percent against the USD and closed at Rs. 181.25 today after losing 49 paisas and closing at Rs. 180.57 in the interbank market on Friday, 18 March.
Economic Analyst, A. H. H. Soomro, told ProPakistani,
Pressure is likely to persist until oil prices normalise. The IMF review is approved and SBP’s next MPC. It may not go beyond Rs 181 to Rs 182 but USD global strengthening is having an impact.
The rupee closed in red against the dollar for the sixth consecutive day today after oil prices jumped over $110 as European Union nations considered joining the United States in a Russian oil embargo. At the time of press, benchmark Brent crude futures surged to $112.4 a barrel, while the US West Texas Intermediate (WTI) crude made more gains and soared as high as $109.2 a barrel.