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Markets

US Dollar rise by Rs1.76 against Pakistani Rupee amid global panic

The value of the greenback increased by Rs1.76 against PKR, and is being traded at Rs156. The USD also rose by
Updated 09 Mar 2020
  • The value of the greenback increased by Rs1.76 against PKR, and is being traded at Rs156.
  • The USD also rose by 70 paisas in the open market and is being traded at Rs155.

The impact of the decline in crude oil prices is also being seen on the exchange rate in Pakistan after the US Dollar jumped against Pakistani rupee on Monday.

As per details, the value of the greenback increased by Rs1.76 against PKR, and is being traded at Rs156 showing an increase of over one percent. Furthermore, the USD also rose by 70 paisas in the open market and is being traded at Rs155.

The development comes, after a historic plunge in oil prices lead to a bloodbath at the Pakistan Stock Exchange (PSX) on Monday, after the benchmark KSE-100 Index declined by over 2,000 points.

https://www.brecorder.com/2020/03/09/578387/bloodbath-in-psx-kse-100-indexloses-over-2200-points/

Oil prices tanked to a historic drop after Saudi Arabia shocked the market by launching a price war against Russia. Crude oil fell by almost 30pc on Monday, the most since 1991. Brent crude futures fell by as much as $14.25, or 31.5pc, to $31.02 a barrel. That was the biggest percentage drop since January 17, 1991, at the start of the first Gulf War and the lowest since February 12, 2016.

OPEC and Russia on Friday failed to agree on a decision to cut oil production that would have contained the plunge, and on Saturday, Saudi Arabia's state oil giant Aramco slashed export prices by $6 to $8 to retake market share from Russia.

The Kingdom has also announced massive discounts to its official selling prices for April and is reportedly preparing to increase its production above the 10 million barrel per day mark.