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Rupee snaps 3-day losing streak, rallies against dollar

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News Stories Posted by ARY News Digital Team

KARACHI: The Pakistani rupee that has been under pressure for the past three days on account of rising demand for the United Stats (US) dollar due to very high global oil prices snapped its losing streak on Friday.

According to the State Bank of Pakistan (SBP), the domestic currency finished at Rs177.50 against the greenback in the interbank market, registering appreciation of 33 paisas over the previous close of Rs177.83.

Also Read: SBP reserves down by $344 million

The dollar went up by 43 paisas to Rs177.83 in the last three days. Experts say the dollar demand was high due to the recent increase in oil prices after Russia’s invasion of Ukraine.

On Thursday, Brent crude futures rose as high as $119.84 a barrel, the highest since May 2012. The contract was at $119.78 a barrel, up $6.85, or 6.1%, by 0752 GMT.

Also Read: Oil prices hit multi-year highs after US sanctions

U.S. West Texas Intermediate crude hit a high of $116.57, the loftiest since September 2008, and was at $116.41 a barrel, up $5.81, or 5.3%.

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