Dubai: The Pakistan Rupee too felt the downward pull on Monday, recording an all-time low of PKR49.12 to the dirham against the earlier low of PKR48.81 on December 19 last.
“The breaching of the 49-level to the dirham happened in pre-market opening trades, and was at those levels only for a brief while,” said a treasury analyst at a leading exchange house here. “Currently, the inter-bank rate is PKR48.47 and the exchange rate is at PPKR48.25.
“The drop below 49 is indicative of the heavy pressure all Asian currencies are under, with the dollar taking on additional strength. The PKR will have a testing time this week.”
Interestingly, the PKR had been holding its own relatively for the better part of the 12 days since the Russia-Ukraine conflict broke out on February 24. Unlike most of its Asian peers, the PKR did not go through a wild ride as more questions were asked as to how the global and individual economies will cope with oil at around the $130 a barrel mark.
“So far, nothing has come out to cool down the oil markets – if at all, the talk about restricting Russian oil exports will only make things tougher for economies and inflation,” said a currency trader.