Interbank Market News Scan: Higher dollar demand sends Pakistan rupee downward.

Interbank, Russia, commodities. “Currencies of commodity-exporting economies rallied on Wednesday as oil and metal prices soared in the aftermath of stinging sanctions on Russia over its invasion of Ukraine, while the rouble widened its divergence between onshore and offshore trading.” See article here. Source: Reuters.

Interbank, Russia, interest rates. “Bankers and investors are nervously watching Russia’s interbank interest rates for a spike that would foreshadow the start of a banking crisis. While rates have risen in recent days, they are not yet at the levels that would ring alarm bells, Capital Economics’ senior analyst Jason Turvey said in a note on March 2.” See article here. Source: BNE Intellinews.

Interbank, Pakistan, rupee, foreign exchange. “The rupee gave up the previous session’s gain on Wednesday amid higher dollar demand from importers and fears of worsening current account deficit, dealers said.” See article here.

Foreign exchange rates as of 11:20 pm AST

EUR/USD=1.1107

GBP/USD=1.33797

USD/CAD=1.26912

USD/MXN=20.5265

USD/JPY=114.937

USD/CNY=6.31083

USD/INR=75.4949

USD/NGN=415.524

Source: OANDA

Dollar Index=97.53

Source: MarketWatch