Today’s interbank market saw improvements for the Pakistani Rupee (PKR) against the US Dollar (USD). It gained 1.75 rupees in today’s interbank market to settle at Rs. 205.12, up 0.85 percent versus the USD. During today’s open market session, the local currency reached an intraday high of Rs. 204.50 versus the US dollar. The value of the dollar versus the PKR has increased by Rs 22.76 since April 11.
Due to continued market confidence over the anticipated disbursement of amended loan tranches by the International Monetary Fund, the rupee completed today’s trading session in the green versus the dollar for a second day (IMF). The potential that the agency may deposit two primary tranches of around $1.85 billion rather than a single principal tranche of approximately $1 billion is what caused the dollar to decline.
Over the news that Pakistan is planning to acquire Russian oil despite intense pressure from the United States, the local unit also fared well. The government has requested a thorough investigation and suggestions from the nation’s major oil refineries about the possibility of importing crude oil from Russia.
Since Russian petroleum is less expensive than typical OPEC+ output, several regional nations either buy it from Moscow or are developing it. Due diligence on this procedure had already been begun by the PTI-led administration, but it was stalled by “political meddling.”
On Wednesday, oil prices increased for a fourth day in a row globally as limited supply fears outweighed concerns about a slowing global economy.
While the US West Texas Intermediate (WTI) remained over $112 at $112.3 per barrel, Brent oil finished above $118, adding to yesterday’s gains. On Tuesday, both benchmark futures increased by more than 2% as concerns about supply because of Western sanctions against Russia outweighed worries about demand slowing in the event of a future recession.
On the interbank market today, the PKR gained ground relative to the other major currencies. In terms of the Canadian Dollar (CAD), Australian Dollar (AUD), Euro (EUR), and Pound Sterling (GBP), it increased by Rs. 1.86, Rs. 2.57, Rs. 3.40, and Rs. 3.95, respectively (GBP).
In today’s interbank currency market, it also gained 45 paisas versus the Saudi Riyal (SAR) and 47 paisas against the UAE Dirham (AED).
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