October 6, 2021 (MLN): Making a new high with almost every passing day, the US dollar (USD) soared to an all-time high in an intraday trade on Wednesday in the interbank market against the Pakistani Rupee (PKR).
On the third day of the trading week, the US dollar hit by 16 paisa to an all-time new high of 170.96.
The dollar was currently being quoted (12:17 PST) at 170.86/170.96 compared to the previous day’s close of 170.8.
Raising his concern over the ongoing rupee depreciation, Asad Rizvi, the former Treasury Head at Chase Manhattan said, “Rising oil and gas prices in Europe are posing a big threat that is hurting our economy.”
“Demand is due to unexpectedly fast-improving Covid-19 condition & consumer shifting to cheaper oil from expensive gas that is equivalent of $205 a barrel oil. Oil demand is up by 1/2mbd,” he added.