The Pakistani Rupee (PKR) reversed gains against the US Dollar (USD) and posted losses during intraday trade today.
It depreciated by 0.35 percent and closed at Rs. 221.43 after losing 78 paisas against the greenback. The local unit quoted an intraday low of 221.74 against the greenback.
The local unit was green in the morning against the greenback and resumed trade at 220.0 in the open market. By midday, the greenback went as high as 221 against the rupee. After 1 PM, the local unit was all red and stayed on the 221 level against the top foreign currency before the interbank close.
The rupee reversed gains against the US Dollar today after Prime Minister Shehbaz Sharif alongside finance chief Ishaq Dar and other officials flew to China earlier.
Money changers expected the news of China’s reassurances to help markets thrive but uncertainty and politics continued to play a big part in keeping the exchange rate shaky.
China has assured Pakistan that it will continue to assist the cash-strapped nation in stabilizing its financial situation.
Well-informed sources on market watch see today’s interbank slide as a prequel to what’s to come after the government makes a due payment on an international Sukuk maturing in less than two months. US Dollar going above 250 against the PKR is a very likely possibility, they said.
Globally, oil prices fell on Tuesday ahead of the US Federal Reserve’s expected rate hike, but found a floor as market participants focused on falling US crude stockpiles and upcoming European sanctions on Russian barrels.
At 4:30 PM, Brent crude was down by 0.39 percent at $94.28 per barrel, while the US West Texas Intermediate (WTI) slid by 0.36 percent to settle at $88.05 per barrel. Both benchmarks ended October on a high, posting their first monthly gains since May.
Meanwhile, the dollar fell from Tuesday’s highs as investors awaited the Federal Reserve of the United States’ policy decision at 1800 GMT, with many hoping for signs of a slowdown in future rate hikes.
A weaker dollar lowers the price of oil for holders of other currencies.
The potential disruption from the European Union’s embargo on Russian oil, which is set to begin on December 5, may also be driving up prices. The ban, imposed in response to Russia’s invasion of Ukraine, will be followed by a freeze on oil imports in February.
The PKR was bearish against some of the other major currencies in the interbank market today. It lost 20 paisas against the Saudi Riyal (SAR) and 21 paisas against the UAE Dirham (AED).
Conversely, it gained eight paisas against the Canadian Dollar (CAD), 17 paisas against the Australian Dollar (AUD), 17 paisas against the Pound Sterling (GBP), and 67 paisas against the Euro (EUR) in today’s interbank currency market.
😂😂😂😂😂 what a big joke 🤣 pro Pakistani Kuch Ziyada ni hu gia
Please stay propakistani.pk, don’t become a pro-youth-brigade.pk. Regards.
True dat
The author is a true youthia, does not deserves to write articles in a news outlet
Legend of Beggars
No matter dollar goes up or down chor’s both hands are in ghee.
Incorrect connection between PKR USD parity and China visit.
It is everyday knowledge that speculators play with usd including banks to make profits.
League of chor and Dako rather.
This website looks less and less Pro-Pakistani and more and more Anti-Pakistani day by day.
Bhai yay report say zyaada aap ki biases dikha rahi hain. Very unprofessional. You sound like a fanboy of the opposition, not a journalist