Oil Payments Makes Dollar Shoot Up to Rs 203

Due to the new oil-related expenditures, Pakistani rupees hit an all-time low and Dollar rose up to Rs 203 in the interbank trade, today.

The rupee plunged against the us$ in the interbank market on Tuesday morning, hitting the lowest rupee of Rs203, with experts blaming oil-related expenditures and ambiguity over the reinstatement of the IMF’s lending facility for the drop.

The dollar rose Rs2.40 against earlier yesterday’s closing of Rs200.40, rising to Rs203 at 11:30 a.m., as per the Forex Association. The FAP last session’s closing price is relatively greater than the State Bank of Pakistan’s official rate of Rs200.06. Around 12:15 p.m., the dollar was selling at Rs204 on the open market.

The rupee’s value has taken yet “another dip,” according to Saad Bin Naseer, director of Mettis Global, a web-based financial data and analytics portal, as a result of the major currencies being stirred up by the downturn in foreign exchange reserves and oil-related expenditures,” after it lessened by more than Rs2 against by the dollar Yesterday.

All of these reasons, together with the confusion regarding the IMF’s restart scheme and China’s $2.3 billion refinancings, have driven the rupee currency to a record low point.

Furthermore, Naseer added, the rupee has been under strain ahead of the Financial Action Task Force conference next week. The FAP’s Malik Bostan predicts that the rupee will continue to fall until June 30.

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