Dollar back under 170

November 3, 2021 (MLN): Stretching the gains for the sixth straight session, the Pakistani Rupee (PKR) on Wednesday has strengthened by 88 paisa against the US Dollar (USD) in an intraday at the interbank market.

The dollar was being quoted at 169.66/76 (12:01 PST) while the local currency on Tuesday had closed the trade at 170.54 per USD.

“Our stance was that PKR would come back on the IMF (or other) news and It did. Based on REER, current account, etc, its optimal value could be around 165-170,” Ali Khizar, Economist said in his early morning Tweet.

The exporters were holding back USD and now selling. The key to the journey of PKR is into commodity prices, he added.

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Posted on: 2021-11-03T11:58:39+05:00