US dollar inches towards Rs167 against Pakistani rupee
The new price of the US dollar is Rs166.55, according to Karachi forex traders.
The US dollar jumped by 42 paisas and reached Rs166.38 against the Pakistani currency.
On a similar pattern, the British pound gained 81 paisas against the rupee and reached Rs229.18 per pound.
The European Union currency, the euro, also did not miss the chance to pound on the Pakistani rupee as it gained 95 paisas at the closing time of the inter-bank trading, according to Forex traders.
Economist Asad Rizvi said, “Based on 15-days average, a fair level of reduction is seen in petroleum products. During this period oil prices inched up slightly & PKR weakened. LPG adjustment was necessary due to the pricing factor. While PKR has the potential to test SBP’s patience. Let’s see. 167 dealt. Now 166.95/167.00.”
INTER BANK MARKET— Asad Rizvi 🇵🇰 (@asadcmka) September 1, 2021
Based on 15-days average, fair level of reduction is seen in petroleum products. During this period oil prices inched up slightly & #PKR weakened.
LPG adjustment was necessary due 2 pricing factor.
While, PKR has the potential 2 test SBP’s patience. Let’s see