Dollar hits 167 in interbank

MG News | September 01, 2021 at 10:27 AM GMT+05:00

0:00

September 1, 2021 (MLN): The US Dollar (USD) continued its upward journey against the Pakistani Rupee (PKR) as it hit 167 in early trade on Wednesday in an interbank market, last seen on August 27, 2020.

The dollar was being quoted (10:08 PST) at 166.90/167 compared to the previous day’s close of 166.39.

Since its highest point in May 2021, the domestic unit has depreciated by 8.76 percent.

According to Asad Rizvi, the former Treasury Head at Chase Manhattan Bank, “Based on 15-days average, a fair level of reduction is seen in petroleum products. During this period, oil prices inched up slightly and the rupee weakened.”

LPG adjustment was necessary due to the pricing factor. While PKR has the potential to test SBP’s patience, he tweeted this morning.

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