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Oil Prices Cause A Sudden Big Drop in Rupee’s Value Against the US Dollar

The Pakistani Rupee (PKR) has been constantly posting losses against the US Dollar (USD) in the interbank currency market since the beginning of the current fiscal year.


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After Monday’s loss of 30 paisas against the USD, that once again caused the rupee to jump over Rs. 158 to the USD boundary, PKR further deepened the deterioration yesterday by 19 paisas and today even more steeply by 54 paisas against the greenback.

The PKR closed at Rs. 158.92 to the USD today (July 7) as compared to Rs. 158.37 to the USD on Tuesday (July 6).

PKR has lost Rs. 1.38 to the USD since July 1, on account of higher demand from importers and oil payments.

Asad Rizvi, the former Treasury Head at the Chase Manhattan Bank, said that rising oil prices are adding pressure on the local unit, even though remittances inflow is supportive and should help the PKR maintain strength.

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The PKR posted relatively better results against other major currencies in the interbank currency market today, losing only against Euro among major currencies. It went down by 33 paisas against the Euro.

However, it improved by 32 paisas against the Pound Sterling (GBP), by 72 paisas against the Australian Dollar (AUD), and by 60 paisas against the Canadian Dollar (CAD).


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PKR also posted losses of 14 paisas against both the UAE Dirham (AED) and the Saudi Riyal (SAR) in the interbank currency market today.

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