Rupee Rebounds Against Major Currencies After Suisse Secrets Exposé

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The Pakistani Rupee (PKR) reversed losses against the US Dollar (USD) and posted gains in the interbank market today. It gained 11 paisas against the greenback after hitting an intra-day low of Rs. 176.4 against the USD during today’s open market session.

It appreciated by 0.06 percent against the USD and closed at Rs. 175.75 today after losing 47 paisas and closing at 175.86 in the interbank market on Friday, 18 February.

The rupee closed in the green today a little over a day after a $100 billion data leak, dubbed ‘Suisse Secrets,’ exposed around 600 Credit Suisse accounts linked to 1,400 Pakistanis.

The report earmarks one politically exposed person who has one of the wealthiest accounts at the Swiss bank. In Pakistani accounts, the average highest balance was 4.42 million Swiss francs (Rs. 841 million), compared to the global average of 7.5 million Swiss francs in the leaked data (Rs. 1.42 billion). Moreover, the data exposes around 200 clients with accounts worth more than 100 million Swiss francs (Rs. 19 billion), with more than a dozen having accounts worth billions.

On the flip side, oil prices soared slightly on Monday as fresh diplomatic efforts to resolve the Russia-Ukraine crisis provided some relief from supply concerns that have kept oil prices near record levels. Reuters reported that Brent crude futures rose 25 cents, or 0.3 percent, to $93.79 a barrel at 1,000 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.4 percent, to $91.42 a barrel.

Discussing the local unit’s performance in a tweet earlier today, the former treasury head of Chase Manhattan Bank, Asad Rizvi, remarked that in the past seven months, mobile phones worth $1.27 billion were imported, while during the same period, the oil bill was $11.69 billion. Food, machinery, and automobile imports have soared, and higher imports are bothering.

He noted that although remittances are a good source of support, they may not be enough to keep the PKR afloat.

The PKR reversed losses against most of the other major currencies and reported gains in the interbank currency market today. It gained two paisas against the Saudi Riyal (SAR), three paisas against the UAE Dirham (AED), 65 paisas against the Canadian Dollar (CAD), 70 paisas against the Australian Dollar (AUD), and 88 against the Pound Sterling (GBP).

However, PKR lost three paisas against the Euro (EUR) in today’s interbank currency market.

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