In today’s interbank market, the Pakistani Rupee (PKR) resumed its unprecedented depreciation against the US Dollar (USD). At the completion of today’s session, the local currency had lost 61 paisas versus the US dollar.
It declined by 0.46 percent versus the US dollar today, ending at Rs. 184.09, following losing 83 paisas in the interbank market on Thursday, 31 March, and closing at Rs. 183.48. During today’s open market session, the Indian rupee fell to an intraday low of Rs. 184.50 versus the US dollar.
Today’s losses came despite a dip in oil prices, which fluctuated between red and green territory on Friday after news that member nations of the International Energy Agency (IEA) were willing to discuss the release of emergency oil stocks simultaneously. Brent oil futures were trading around $105 per barrel at the time of writing. After hitting a low of $99.91, US West Texas Intermediate (WTI) futures ended at $100.2.
In Pakistan, the State Bank of Pakistan’s (SBP) foreign reserves saw a massive outflow of $2.915 billion in the week ending March 25, 2022, representing a 19.5 percent week-on-week loss. According to the SBP weekly report issued on Thursday, the country’s total liquid foreign currency reserves fell by $2.885 billion (-13.4 percent) to $18.55 billion on March 25, 2022, from $21.44 billion the previous week. SBP reserves fell by $2.91 billion to $12.05 billion last week, down from $14.96 billion the week before.
Asad Rizvi, the former Treasury Head of Chase Manhattan Bank, commented on the local currency’s performance earlier in the day, saying that SBP’s net reserves had fallen to $12.047 billion. As a consequence of the maturity of a number of Chinese financial arrangements used against the BOP, it dropped dramatically. While some of the rollovers has been postponed, the “impact of another significant payment might be seen in the coming weeks, putting pressure on the PKR.”
Today’s interbank currency market.
It dropped 16 paisas against the UAE Dirham (AED) and Saudi Riyal (SAR), 40 paisas against the Canadian Dollar (CAD), 59 paisas against the Pound Sterling (GBP), and 82 paisas against the Australian Dollar (AUD).
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