As per the State Bank of Pakistan (SBP), the PKR remained at 181.73, its record-low against the greenback.

The rupee has lost 16.21% since its most-recent high achieved in May last year. On a fiscal year to date (FYTD) basis, the local currency has depreciated 13.31%.

Crude oil prices, a major determinant of currency parity, declined in volatile trading on Thursday as investors assessed the potential for new supply in the tight markets, amid prospects of a new Iran deal.

Brent futures were down 58 cents, or 0.48%, at $121.02 a barrel and U.S. West Texas Intermediate futures fell 96 cents, or 0.84%, to $113.97 a barrel. Both contracts rose $2 and $1, respectively, in early trade.

This story was originally published in Business Recorder on March 24, 2022.