KARACHI: The United States (US) dollar maintained its upward trend against the Pakistani rupee in the interbank market on Monday.
According to the State Bank of Pakistan (SBP), the domestic currency closed at Rs178.13 against the greenback in the interbank market, registering depreciation of 63 paisas over the previous close of Rs177.50.
In the open market, the US dollar finished at Rs179.50 against the Pakistani rupee.
Interbank closing #ExchangeRate for today: https://t.co/wbQpuEz4ah pic.twitter.com/ircsA3OrBK
— SBP (@StateBank_Pak) March 7, 2022
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.
Also Read: Oil prices hit multi-year highs after US sanctions
On the other hand, Pakistan Stock Exchange (PSX) today fell like a house of cards and lost over 1200 points amid country’s tense political situation and Russia-Ukraine conflict.
The market came under intense selling pressure from the start of trading as the KSE 100-index shed 1284 points.
Also Read: BLOODBATH AT PSX AS KSE-100 INDEX PLUNGES OVER 1200 POINTS
The KSE-100 index was closed at 43,266 points.
Meanwhile, oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider banning imports of Russian oil.
 dollar maintained its upward trend against the Pakistani rupee in the interbank market on Monday.){kind=link}