Rupee Drops Further Against US Dollar As New Rules Confuse Markets

Rupee Drops Further Against US Dollar As New Rules Confuse Markets

Rupee Drops Further Against US Dollar As New Rules Confuse Markets

Rupee Drops Further Against  Today’s intraday trade saw further losses for the Pakistani Rupee (PKR) against the US Dollar (USD). It lost four paisas in value against the US dollar and fell by 0.02 percent, closing at Rs. 221.69 The local unit’s intraday low price against the dollar was 221.95.

The local currency depreciated against the dollar in the morning and started trading again at 221.8 in the open market. By midday, the dollar’s value against the rupee was only slightly higher. Before the interbank close, the local currency was in the red after 1 PM and was trading at 221 against the top foreign currency.

In addition to last week’s slump, the rupee suffered losses for the second straight day versus the US dollar today. Despite the State Bank of Pakistan’s (SBP) and the government’s efforts.To curb exchange rate volatility .The markets did not respond favourably.

Money changers reported that sellers were reluctant to move large-value dollar notes today and preferred to move smaller currency notes. Tourists planning lengthy trips to Doha for the FIFA World Cup, which begins this month, are increasing demand for the Qatari Rial at the moment. With a combination of socioeconomic and political constraints posing an obstacle for money movers planning trades correctly, it is doubtful whether the market will recover.

Also Read: Pakistan Didn’t Deserve to be in T20 World Cup Final Mohammad Amir

A stronger US dollar and rising coronavirus cases in China dampened hopes that the world’s largest crude importer would quickly reopen its economy, both of which contributed to a global decline in oil prices on Monday. Oil and the larger commodities complex appear to be suffering from the strength of the US dollar.

Brent crude had decreased by 1.08 percent to $94.95 per barrel at 4:15 PM, while the US West Texas Intermediate (WTI) had decreased by 1.27 percent to settle at $87.83 per barrel. Both benchmarks fell today by more than $1 thanks to a further decline in US oil inventories and the stagnant US dollar trend relative to other world currencies.

 

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