The Pakistani Rupee (PKR) crashed to another low against the US Dollar (USD) during intraday trade today.
It depreciated by 1.31 percent against the USD and closed at Rs. 236.02 after losing Rs. 3.09 in the interbank market today. The local unit quoted an intra-day low of Rs. 238.5 against the USD during today’s open market session. Since the regime change, the greenback is up by Rs. 52.07 against the PKR.
The rupee closed in red against the dollar for the seventh consecutive day after the Supreme Court of Pakistan on Tuesday nullified Hamza Shahbaz’s election as chief minister of Punjab, and instead appointed a PTI-backed leader to oversee the provincial government.
The local unit previously closed at Rs. 232.93. It has been one of the world’s worst-performing currencies, falling by more than 30 percent since the beginning of the calendar year 2022.
The local unit also failed to recover after Fitch Ratings and Moody’s Investor Service tipped Pakistan to successfully receive $1.2 billion from the International Monetary Fund (IMF). The top rating agencies expect the funds to be released in the third quarter (current) of this year, which may potentially reduce pressure on the country’s currency and bonds.
Globally, oil prices soared on Wednesday for a third consecutive day as a rumors of scarce inventories in the United States and reductions in Russian gas flows to Europe offset concern about weaker demand and looming fears of recession and interest rate hikes.
Brent crude was up by 0.07 percent at $104.5 per barrel, while the US West Texas Intermediate (WTI) was stable and edged revolved around yesterday’s levels after futures appreciated by 0.28 percent to settle at $95.25 per barrel.
The PKR reported more losses against the other major currencies in the interbank market today. It lost 84 paisas against the Saudi Riyal (SAR), 84 paisas against UAE Dirham (AED), Rs. 1.23 against the Euro (EUR), and Rs. 3.60 against the Pound Sterling (GBP).
Moreover, it lost Rs. 1.32 against the Australian Dollar (AUD) and Rs. 1.85 against the Canadian Dollar (CAD) in today’s interbank currency market.
