Saturday, May 18, 2024

Pakistani Rupee Crosses Rs. 180 for First Time Against US Dollar

According to the latest news, the Pakistani rupee declined 0.35 percent in the interbank market as rising oil prices drove it over the 180 threshold for the first time against the US dollar.

The rupee closed at 180.07, down 23 paisas from the previous day, as per the State Bank of Pakistan (SBP). However, the rupee has never been lower, having hit 179.44 on Wednesday in the midst of the current Russia-Ukraine war.

Faced with a widening current account and a hefty import bill, the local currency has devalued by over 12.5 percent this fiscal year, and by 15.4 percent from its most recent high on 14 May 2021.

Oil prices, which is a main of currency parity, rose on Thursday as the International Energy Agency warned that markets might lose three million barrels per day (BPD) of Russian crude and processed products starting in April.

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