🇵🇰 Rupee Hits 18-Months Low 📉 due to Middle East Tensions

The Pakistani rupee dropped to "283.17 per dollar" in the interbank market on its lowest level since December 2023, due to rising dollar 💵 demand and global oil ⛽ price volatility due to Israel-Iran conflict.

Key Points:

💟 Open Market Rate fell to "285.34/USD (from 285.13)".

💟 Oil Prices initially jumped but later fell because there are no supply issues yet.

💟 SBP Decision of keeping interest rates at "11%", indicating inflation risks from geopolitical tensions and oil price swings.

Forecast:

Analysts expect further pressure, with the rupee possibly sliding to "284.5/USD" by June’s end.

Why It Matters:

✔️ Import costs may rise, causing inflation 📈.

✔️ SBP purchases dollars for reserves. It adds more pressure on Rupee.

✔️ Global instability remains a risk for Pakistan’s economy.

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