Rupee Shatters All Records Against US Dollar After Another Petrol Bomb

The Pakistani Rupee (PKR) crashed further against the US Dollar (USD) and posted losses in the interbank market today.

It depreciated by 0.58 percent against the USD and closed at Rs. 207.67 after losing Rs. 1.21 in the interbank market today. The local unit hit an intra-day low of Rs. 207.70 against the USD during today’s open market session. Since the arrival of the new government on 11 April, the greenback is up by Rs. 25.28 against the PKR.

The rupee shattered all records against the dollar today after the government on late Wednesday night dropped its biggest ever petroleum prices bombshell on the country. The price of petrol has been increased by Rs. 24.03 per liter, the price of diesel has been increased by Rs. 59.16 per liter, and the price of kerosene oil and light diesel oil has also been increased. With this hike, starting from June 16, the price of petrol will be Rs. 233.89 per liter, diesel will be Rs. 263.31, kerosene oil will be sold for Rs. 211.43, and the price of light diesel oil will be Rs. 207.47.

This hike coincides with the International Monetary Fund’s prevalent condition for Pakistan to abolish all subsidies on petroleum products in order to kickstart the lender’s $6 billion bailout program.

In terms of global factors hitting where it stings, the US Federal Reserve raised its interest rate by half a percentage point for the first time in 22 years in order to get a handle on the worst inflation in almost four decades. With the dollar long being the world’s main reserve unit, the US considered it best to raise massive debt and print money to “weather major economic crises”.

Oil prices erased early gains on Thursday a day after a fall triggered by a US interest rate hike. Prices slipped more than 2 percent as investors continued to largely focus on tight supply over the Western countries’ limited access to Russian crude.

Brent crude settled above $117 after briefly testing the $118 level, while the US West Texas Intermediate (WTI) settled at $114 per barrel.

The PKR dipped further against most of the other major currencies in the interbank market today. It lost 29 paisas against the Saudi Riyal (SAR), 33 paisas against the UAE Dirham (AED), Rs. 1.32 against the Canadian Dollar (CAD), Rs. 2.02 against the Australian Dollar (AUD), and Rs. 2.11 against the Pound Sterling (GBP).

Conversely, it gained 51 paisas against the Euro (EUR) in today’s interbank currency market.


  • I wish dollar will be trade at 500+ soon Insha’Allah
    Pakistan is just a paradise for the freelancer community.
    Long Live American Dollar ❤️

      • I am here to earn not for the selling out of hubul watni chooran
        In this country imran khan is enough to sell those type of chooran with an Islamic Touch


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