US$ Flies Highest: Dollar Touches Rs200 in Open Market

The Pakistani rupee took another big hit on Tuesday as the dollar surged to an all-time high of Rs200 in the open market, continuing its streak of new lows. It appears to be a fair statement that US$ flies highest ever.

The local currency plummeted to an intraday low of Rs197 against the US dollar during today’s open market session. Since the new government took office on April 11, 2022, the dollar has gained Rs9.06 against the PKR, and Rs12.81 since last week.

Interbank closing #ExchangeRate for todayhttps://t.co/V0LiF62fhX pic.twitter.com/gWAJw1uQ0y

— SBP (@StateBank_Pak) May 17, 2022

Oil prices climbed to their highest level in seven weeks on Tuesday, fueled by the European Union’s persistent drive for a ban on Russian oil imports, which could put supply at risk. Brent crude achieved a high of $115, the highest level since March 28, while WTI crude in the US increased 78 cents, or 0.7 percent, to $114.98.