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Dollar advances to another new high

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October 21, 2021 (MLN): US Dollar (USD) has surged to a new high of 174.09 as the Pakistani Rupee (PKR) has weakened by 62 paisa (1:32 PST) when compared to the previous day’s close of 173.47 against the greenback.

An hour before, the domestic currency was trading at 173.75 (12:32 PST) against the greenback in an intraday trade on Thursday in the interbank market.

PKR has been on a downward trajectory due to surging oil and other commodity prices coupled with the current account deficit of $3.4bn in the first quarter of FY22.

While the decision on FATF will take a few more days. Reports are that review of 6th IMF program is moving onwards, said Asad Rizvi, Former Treasury Head-Chase Manhattan Bank in the morning.

However, Forex and the Fixed income market will remain anxious until the final outcome. The delay could see the PKR making yet another attempt to test yesterday's historical high of 173.50, he noted.

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Posted on: 2021-10-21T12:34:26+05:00