Rupee Plunges Further Against US Dollar Despite Positive Saudi News

The Pakistani Rupee (PKR) shattered its previous record low against the US Dollar (USD) and posted losses in the interbank market today.

It depreciated by 0.25 percent against the USD and closed at Rs. 201.92 after losing 51 paisas in the interbank market today. The local unit hit an intra-day low of Rs. 202.12 against the USD during today’s open market session. So far, the dollar has gained Rs. 15.23 against the rupee in two weeks, and Rs. 18.98 since the new regime came to power.

The rupee reported losses against the dollar for the fourteenth day in a row despite news that the Kingdom of Saudi Arabia was close to finalizing the extension of its $3 billion deposit in the State Bank of Pakistan (SBP). Reuters quoted the Saudi Minister of Finance Mohammed al-Jadaan who said, “We are currently finalizing extending the $3 billion deposit to Pakistan”.

Home politics also continued to play a big role in keeping the forex market on its toes as players on both sides of the fence continue to intensify their narrative against one another. Riots have been reported across the country after the month-old government blocked roads leading to Islamabad, where former Prime Minister Imran Khan’s party is en route to holding a major rally to demand the removal of the incumbent and immediate general elections.

Globally, oil prices maintained Monday’s momentum as concerns of tight global supply continued to outweigh trade forecasts for the near term. Brent crude increased to $114, while the US West Texas Intermediate (WTI) crude rose to $111.

The PKR drop continued against most of the other major currencies in the interbank market today. It lost two paisas against the Pound Sterling (GBP), 13 paisas against both the Saudi Riyal (SAR) and the UAE Dirham (AED), and 38 paisas against the Australian Dollar (AUD).

Conversely, it gained 12 paisas against the Canadian Dollar CAD) and 17 paisas against the Euro (EUR) in today’s interbank currency market

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