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.
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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.
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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%.