Dollar up by 43 paisa in early trade

MG News | August 24, 2021 at 10:36 AM GMT+05:00

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August 24, 2021 (MLN): The Pakistani Rupee (PKR) continued its downward journey on Tuesday, depreciating by 43 paisa against the US Dollar (USD) in early trade at the interbank market.

The dollar was being quoted at 164.90/164.95 (9:55 PST) with trades reported at 164.95 while the previous' interbank session was concluded at a closing quote of PKR 164.43 per USD.

The local currency weakened by 62 paisa in less than two sessions this week.

It is pertinent to note that Pakistan is likely to receive USD2.77 billion from International Monetary Fund (IMF) under the allocation of a new SDR which will increase the State Bank’s reserves.

According to Asad Rizvi, the former Treasury Head at Chase Manhattan Bank, the IMF allocation of $2.77bn is conditional money to support the coronavirus crisis and not to use for the fiscal space.

Economic reforms can neither be delayed nor can be used for debt restructuring. PKR could trade in a wide range due to geopolitical AFGHAN uncertainty, he noted.

“Foreign banks are buyers. I am expecting that market will ease, once they are done,” he said on his Twitter handle.

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