After closing at Rs218.38 on Wednesday, the Pakistani rupee (PKR) dropped further versus the US dollar on Thursday morning during the intraday trade.
As of 11:00am, the rupee depreciated by Rs0.61 or 0.27 per cent against the US dollar to Rs218.99 during intraday trading.
It is worth noting that the local unit has been witnessing a downward trend since the beginning of this week. PKR fell on Wednesday for the third straight session showing a decline of 0.33 per cent.
The fall occurs amid news that Pakistan’s cash-strapped economy may receive support from an investment of $3 billion by the Qatar Investment Authority, one of the biggest sovereign funds in the world.
Oil prices, a crucial factor in determining currency parity, increased on Thursday as supply fears mounted in the wake of delays to Russian exports, the potential for major producers to reduce output, and the partial suspension of a US refinery.
US West Texas Intermediate crude increased 42 cents, or 0.4 per cent, to $95.31 a barrel, while Brent crude increased 59 cents, or 0.6 per cent, to $101.81 per barrel.
On Wednesday, the PKR declined by Rs7 for both buying and selling against the USD on the open market, finishing at Rs227 and Rs229, respectively.
