Pakistani rupee’s fall continues, settles at new record low of Rs301 against US dollar

The Pakistani rupee continued its unsettling descent, marking a fresh all-time low against the US dollar, with a settlement at Rs301 in the inter-bank market on Friday. As reported by the State Bank of Pakistan (SBP), the local currency reached the 301 mark, experiencing a decline of Re0.78 or 0.26 per cent.

Interbank Closing
PKR Continues To Take Hit Against USD!
The Pakistani Rupee lost PKR 0.7783 (0.26%) against the US Dollar on DoD basis ending the session at PKR 301.0031/US$.#Pakistan #Currency #Forex #ExchangeRate #Dollar #Rupee pic.twitter.com/ei2J45Z5KZ

— Capital Stake (@CapitalStake) August 25, 2023

On the preceding day, the rupee concluded at a historic low against the US dollar, reaching a settlement of Rs300.22.

On the global front, the US dollar achieved its highest position in over two months on Friday, poised for its sixth consecutive week of gains, as financial markets eagerly awaited a speech by Federal Reserve Chair Jerome Powell to gain insights into the trajectory of monetary policy.

The dollar index, a measure of the US dollar’s strength against six other major currencies, witnessed a 0.019 per cent increase, reaching 104.11, the highest level since June 7. With a 2 per cent increase in August, the index is poised to end its two-month losing streak.

Oil prices, a pivotal gauge of currency equilibrium, surged by over 1 per cent on Friday due to the firming of the dollar, as anticipation built ahead of a highly awaited speech by the head of the US Federal Reserve. This speech is expected to provide insights into the future of interest rates.