Rupee Slides Against Major Currencies As Oil Prices Rise Back Above $100 per Barrel

The Pakistani Rupee (PKR) slid further against the US Dollar (USD) and posted losses during intraday trade today. The local unit quoted an intra-day low of Rs. 219.75 against the USD during today’s open market session.

The local unit was all red when trade resumed early in the morning. The greenback went as high as 219.75 against the rupee at midday. After 2 PM, the local unit traded between 217-220 level against the top foreign currency before the interbank close.

The rupee slid against the US dollar for the third consecutive day today. Negative sentiments regarding the International Monetary Fund’s (IMF) upcoming executive meeting rattled money markets. The pressure on the PKR will remain until the lender’s imminent approval of dispersing $1.17 billion to Pakistan.

Brent crude was up by 0.68 percent at $100.9 per barrel, while the US West Texas Intermediate stayed above $90 per barrel. Oil prices soared on Wednesday, following Saudi Arabia’s recommendation this week that OPEC consider cutting output in response to a lack of liquidity in the crude futures market.

The PKR dropped against the other major currencies in the interbank market today. It lost against the Saudi Riyal (SAR), 19 paisas against UAE Dirham (AED), Rs. 1.13 against the Canadian Dollar (CAD) and Rs. 2.11 against the Pound Sterling.

Moreover, it lost Rs. 1.13 against the Euro (EUR) in today’s interbank currency market.