Karachi April 4 2023: Pakistan Rupee depreciates in Interbank against dollar to hit all time low at closing in interbank as county is facing political turmoil and failed to reach agreement with IMF even after passing 45 days of staff level visit amid increase in oil prices.
Pakistan Rupee depreciates PKR 2.25 or 0.78 percent in Interbank to close at all-time high of PKR 287.29 on Tuesday. During the week Rupee slid PKR 3.5 or 1.22 percent against the dollar in Interbank. Earlier Pakistan Rupee hit all-time low of 285.08 on 2nd March 2023.
Today, the Supreme Court declared unconstitutional the order of Election Commission to hold elections on October 8 regarding the postponement of elections in Punjab and Khyber Pakhtunkhwa and has now ordered to hold elections in Punjab on May 14. The Supreme Court says that the Constitution and the law do not allow changing the date of elections.
On the other hand, advisor to the Prime Minister on Kashmir and Gilgit-Baltistan Affairs Qamar Zaman Kaira on Monday said that the fiscal budget for the next general elections would be allocated in June 2023.
An announcement on Sunday of an output target cut by the Organization of the Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, boosted oil prices and complicated the current account and inflation outlook for the country. Brent crude was last up 0.6% at $85.50 a barrel, set for its biggest two-day rally since last July, with a gain of 7.15% over Monday and Tuesday.
The dollar index , which tracks the performance of the U.S. currency against six others, was last down 0.2%.