Dollar breaks all previous records, crossed 173

MG News | October 18, 2021 at 12:37 PM GMT+05:00

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October 18, 2021 (MLN): The US dollar has broken all the previous records of escalation against Pakistani Rupee (PKR) in today’s interbank session, appreciating by Rs1.87.

The dollar was being quoted at PKR172.95/173.05 (12:30 PST) compared to the previous day’s close of 171.18.

Just a few minutes earlier, the US dollar was traded at PKR172.00/172.15. However, the rising dollar demand amid inflating import bill and the ongoing global energy crisis has forced PKR to lose its ground further.

Speaking with Mettis Global, Zafar Paracha, the chairman of the Exchange Companies Association of Pakistan termed the PKR depreciation as a "possible commitment" between Government and IMF.

"Despite stable economic fundamentals wherein the PKR could be in the range of 155-160, the strong demand for the dollar in the interbank market is a matter of concern," he added.

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