The Pakistani Rupee (PKR) dipped to a new low against the US Dollar (USD) during intraday trade today.
It depreciated by 0.83 percent against the USD and closed at Rs. 226.81 after losing Rs. 1.89 in the interbank market today. The local unit quoted an intra-day low of Rs. 229.12 against the USD during today’s open market session. Since the regime change, the greenback is up by Rs. 42.85 against the PKR.
The PKR sank further against the US dollar on Thursday. Yesterday, it dropped by Rs. 2.99 in a single day to the previous all-time low of Rs. 224.92. Today’s third consecutive slump comes despite the State Bank of Pakistan’s (SBP) assurances on Wednesday that the South Asian nation’s economic situation has improved in recent months and the country is not at risk of default.
Amidst the chaos, the International Monetary Fund (IMF) has assured Pakistani authorities of prompt approval of the $1.17 billion tranche from the Executive Board after August 15. Markets expect the issue of unresolved external financing requirements to be cleared once the lender releases the funds.
Globally, oil prices dipped more than $3 on Thursday after higher US fuel stockpiles rattled demand constraints, while returning energy supply from Libya and Russia eased supply concerns.
Brent crude was down by 4.33 percent at $102.3 per barrel, while the US West Texas Intermediate (WTI) plunged below the $100 level after futures depreciated by 4.53 percent to settle at $95.36 per barrel.
The PKR reported losses against the other major currencies in the interbank market today. It lost 46 paisas against the Saudi Riyal (SAR), 51 paisas against UAE Dirham (AED), 75 paisas against the Pound Sterling (GBP), and 88 paisas against the Euro (EUR).
Moreover, it lost 42 paisas against the Australian Dollar (AUD) and Rs. 1.02 against the Canadian Dollar (CAD) in today’s interbank currency market.
