KARACHI
\nPakistani rupee remained flat at 178.63 against the US dollar in the interbank market, which is its all-time lowest level.
\nThe State Bank of Pakistan said in a statement on Thursday that the dollar opened at Rs178.63 and closed at the same rate. The rupee has set two lowest levels against the US dollar during this week.
\nThe rupee witnessed a trading range of 7 paisas during the session, showing the intraday high bid of 178.70 and low offer of 178.65. Within the open market, the rupee was traded at 178.80\/179.50 per dollar against 178.50\/179.50 per dollar a day earlier.
\nOn the other hand, the US Dollar Index, which gauges the greenback against a basket of its main competitors, dropped to 97.80. The USD may extend its recent retracement if a more favourable Russia-Ukraine diplomatic backdrop continues to develop. The US dollar pulled back over 1 percent from its recent peak as the markets sighed a breath of relief on the announcement overnight that Ukraine may consider a \u201cdiplomatic solution\u201d.
\nOverall, the rupee shed Rs1.13 against the American currency during the last four days, while the local unit devalued by Rs21.20 during the ongoing fiscal year 2021-22 and Rs2.18 during the current year 2022.
\nAccording to experts, the ongoing conflict between Russia and Ukraine has pushed commodity prices to their record historic high level. Given the rising commodity prices, the soaring import bill has badly hit the current account balance of Pakistan which created a spell of depreciation around the rupee. They said that higher dollar\u2019s demand for oil payment may further deteriorate the rupee value.
\nThey said that the deteriorating situation between Russia and Ukraine has badly hit the currency markets as well. They said that political uncertainty at the domestic front has also hurt local unity\u2019s stability in the interbank.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Pakistani rupee remained flat at 178.63 against the US dollar in the interbank market, which is its all-time lowest level. The State Bank of Pakistan said in a statement on Thursday that the dollar opened at Rs178.63 and closed at the same rate. The rupee has set two lowest levels against the US dollar […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-248857","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n