Pakistani Rupee drops to a new low of Rs195.74 against US dollar

In today’s interbank market, the Pakistani Rupee (PKR) plummeted to another historical low versus the US Dollar (USD). It fell 0.80 per cent against the US dollar, closing at Rs195.74 after losing Rs1.56 in the interbank market.

During today’s open market session, the local currency fell to an intraday low of Rs197 versus the US dollar. Since last week, the dollar has gained Rs9.06 against the PKR, and Rs12.81 since the new government took office on April 11, 2022.

The local currency hit a new all-time low against the dollar on May 17, ahead of Pakistan’s preliminary consultations with the International Monetary Fund (IMF) in Doha on Wednesday (tomorrow) to revive the country’s stalled multibillion-dollar bailout package.

On Tuesday, oil prices rose to their highest level in seven weeks, spurred by the European Union’s continued push for a ban on Russian oil imports, which may dangerously constrain supplies. Brent crude hit a high of $115, its best since March 28, while WTI crude in the United States rose 78 cents, or 0.7 per cent, to $114.98.