Dubai: The gains of Asian currencies like the Indian rupee, Pakistani rupee, and the Philippine peso, were limited on Thursday as oil and metal prices soared in the aftermath of stinging sanctions on Russia over its invasion of Ukraine.
This comes a day after the Indian rupee hit the lowest level of 2022 at 20.74 against the UAE dirham on Wednesday. Meanwhile, the exchange rate of Pakistani rupee weakened by 21 paisas against the US dollar in the interbank trading on Wednesday. Check the latest forex prices here.
The Indian rupee fell as much as Rs20.68 to the UAE dirham on Thursday, down from the Rs20.59 it closed on Wednesday. The currencies are feeling the volatility from the Russia-Ukraine situation, as did most other major currencies. The Philippine peso is under pressure as well, with gains being limited on Thursday.
The Philippine peso dropped further against the US dollar on Wednesday amid the rise in oil prices. The peso has lost 7.5 per cent of its value from Php47.96 vs. $1 on February 15, 2021 to $51.57 on Wednesday (March 3, 2022).
At the interbank forex market, the Indian currency was trading in a range of Rs75.80 and Rs75.90 against the greenback. The Indian unit had hit a one-year low of Rs76.23 a US dollar on December 16, 2021. Meanwhile, the Pakistan rupee closed at Rs177.62 on Wednesday against the previous day's closing of Rs177.41.
