The Pakistani rupee (PKR) has changed its gains against the US dollar (USD), with losses reported in the interbank market today. The local currency fell 99 paise against the greenback at the end of today’s session. It closed 0.54 percent lower against the USD. 182.54 closed at Rs. 181.55 in the interbank market on Saturday 16th April.
The national currency Rupee intraday reached the highest level. 181.00 against the USD during today’s open market session.
The rupee’s seven-day winning streak against the dollar came to an end today when the International Monetary Fund (IMF) resumed talks with Pakistan under the 6 6 billion Extended Fund Facility (EFF) program. Agreed to do. In terms of global factors affecting the local exchange unit, oil prices fell on Monday amid concerns over declining demand in China’s balanced support amid a severe global supply crisis and the depth of the Russia-Ukraine war. ۔
By the time this report was published, Brent futures were trading at $ 111 a barrel, while US West Texas Intermediate (WTI) futures were sitting comfortably at $ 106.8 a barrel. Speaking on the performance of the local currency earlier in the day, Asad Rizvi, former Treasury head at Chase Man Hutton Bank, said: “The real test for new managers is [the economy]. Is due to an increase from
He further added that rising oil prices and skyrocketing commodity prices were adding to the problems which needed immediate attention and control.
Let’s hope for better revenue generation and US dollar rates in the coming days.