The Pakistani Rupee (PKR) reversed gains against the US Dollar (USD) andposted losses in the interbank market today. It lost 11 paisas against thegreenback after hitting an intra-day low of Rs. 176.3 against the USDduring today’s open market session.
It depreciated by 0.27 percent against the USD and closed at Rs. 176.23today after gaining 11 paisas and closing at 175.75 in the interbank marketon Monday, 21 February.
The rupee closed in red against the dollar today after oil prices hit theirhighest since 2014 on Tuesday (today) as tensions between Russia andUkraine escalated, adding to supply concerns that are pushing prices tonear $100 a barrel. Reuters reported that Brent crude, the globalbenchmark, was up $3.38, or 3.5 percent, at $98.77 at 1000 GMT, havingearlier reached $99.50, the highest since September 2014.
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The Russia-Ukraine crisis has added substantial support to an oil marketthat has soared due to constrained supplies as demand recovers from thepandemic.
