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