{"id":9478,"date":"2022-07-25T12:29:05","date_gmt":"2022-07-25T12:29:05","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=9478"},"modified":"2022-07-25T12:29:05","modified_gmt":"2022-07-25T12:29:05","slug":"rupee-continues-slide-reaches-rs229-87-against-dollar-in-interbank","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/rupee-continues-slide-reaches-rs229-87-against-dollar-in-interbank\/","title":{"rendered":"Rupee continues slide, reaches Rs229.87 against dollar in interbank"},"content":{"rendered":"

The downward slide of the Pakistani rupee (PKR) continues as the currency has lost 58.49 paisa in the interbank market against the US dollar despite the government\u2019s assurances of market stability in the coming days.<\/p>\n

According to the data released by the State Bank of Pakistan (SBP), the rupee closed at 229.88, losing 0.66%.<\/p>\n

As per the economic experts, the downfall of Pakistani rupee against the US dollar is due to the political uncertainty in the country.<\/p>\n

The decline in the rupee\u2019s value has accelerated after rating agency “Fitch” downgraded Pakistan\u2019s rating, increased Euro-bond yields and no active supply from the State Bank.<\/p>\n

Oil prices dropped on Monday, extending a recent losing streak on concerns that an expected rise in US interest rates would weaken fuel demand.<\/p>\n

Read more:\u00a0Euro hits 20-year low against dollar on recession risk<\/a><\/strong><\/em><\/p>\n

Brent crude futures for September settlement fell $1.19, or 1.2%, to $102.01 a barrel by 0645 GMT, down for a fourth day. US West Texas Intermediate (WTI) crude futures for September delivery slid $1.33, or 1.4%, to $93.37 a barrel, also down for a fourth day. Both gave up early gains.<\/p>\n

\u201cOil prices have been under pressure due to growing worries that aggressive rate rises by the US Federal Reserve will slow the global economy and reduce fuel demand,\u201d said Tetsu Emori, chief executive of Emori Fund Management Inc.<\/p>\n

\u201cSlack recovery in the Chinese economy is also weighing on market sentiment,\u201d he said.<\/p>\n

Oil futures have been volatile in recent weeks as traders have tried to reconcile the possibilities of further interest rate hikes, which could limit economic activity and thus cut fuel demand growth, against tight supply from disruptions in trading of Russian barrels because of Western sanctions amid the Ukraine conflict.<\/p>\n

Officials at the Fed have indicated that the central bank would likely raise rates by 75 basis points at its July 26-27 meeting. China, the world\u2019s second-biggest economy, narrowly missed a contraction in the second quarter, growing just 0.4% year-on-year, weighed down by COVID-19 lockdowns, a weak property sector and cautious consumer sentiment.<\/p>\n

\u201cThe market tone is likely to remain bearish also on worries that the resumption of some Libyan crude oil output would ease tightness in global supply,\u201d said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.<\/p>\n

On the supply side, Libya\u2019s National Oil Corporation (NOC) aims to bring back production to 1.2 million barrels per day (bpd) in two weeks, NOC said in a statement early on Saturday.<\/p>\n

The European Union said last week that it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states last week aimed at limiting the risks to global energy security.<\/p>\n

However, Russian Central Bank Governor Elvira Nabiullina said on Friday that Russia would not supply oil to countries that decided to impose a price cap on its oil.<\/p>\n","protected":false},"excerpt":{"rendered":"

The downward slide of the Pakistani rupee (PKR) continues as the currency has lost 58.49 paisa in the interbank market against the US dollar despite the government\u2019s assurances of market stability in the coming days. According to the data released by the State Bank of Pakistan (SBP), the rupee closed at 229.88, losing 0.66%. As […]<\/p>\n","protected":false},"author":8,"featured_media":4401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[443,1285,805],"class_list":["post-9478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-dollar","tag-pakistani-rupee","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/9478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=9478"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/9478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/4401"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=9478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=9478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=9478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}