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 22 paisas against the greenback after hitting an intra-day low of Rs. 179.70 against the USD during today’s open market session.
It depreciated by 0.12 percent against the USD and closed at Rs. 179.44 today after losing 23 paisas and closing at 179.22 in the interbank market on Tuesday, 15 March.
The rupee slid to a new all-time low against the dollar for the third consecutive day after reports that Saudi Arabia is contemplating pricing some of its oil sales in yuan — a move that will undermine the US dollar’s supremacy in the global petroleum market and represent another turn by the world’s top crude exporter toward Asia.
In light of these details, some experts argue that contracting oil sales in a less stable currency like the yuan may jeopardize Saudi Arabia’s budgetary position. The impact on the Saudi economy would most likely be determined by the amount of oil sold and its principle price in the market.
On the other hand, another pool of prominent economists suggests that moving away from dollar-denominated oil sales would diversify the kingdom’s revenue base and might eventually lead to the Saudi Riyal (SAR) being pegged to a basket of currencies, similar to how Kuwait did years ago.
Discussing the local unit’s performance in a tweet earlier today, the former treasury head of Chase Manhattan Bank, Asad Rizvi, remarked that while oil prices fell, the Pakistani Rupee struggled. It struck a new all-time low of 179.25 during live trade yesterday, closing at 179.2152. While governments are working on a strategy to trade oil in Yuan/Ruble in order to acquire oil at a subsidy and avoid sanctions, “Our strategist may have other ideas,” he suggested.
INTER BANK
Oil prices eased, but there was no respite for #PKR. Y,day it hit yet another new all time low of 179.25 to close @ 179.2152. To bypass sanctions, countries are working on strategy to trade OIL in YUAN/ROUBLE to buy oil on subsidy. Our strategist may have other ideas.
— Asad Rizvi (@asadcmka) March 16, 2022
The PKR struggled against most of the other major currencies and reported losses in the interbank currency market today. It lost five paisas against the Saudi Riyal (SAR), six paisas against the UAE Dirham (AED), 34 paisas against the Pound Sterling (GBP), 69 paisas against the Australian Dollar (AUD), and Rs. 1.17 paisas against the Canadian Dollar (CAD).
Conversely, it gained 58 paisas against the Euro (EUR) in today’s interbank currency market.
Can anybody say me when dullar make 200 I want to exchange and buy homes for family
Before end of current year, it will be near or at 200. It is already scheduled and planned change as per international monitory funds.