Dollar continues beating PKR, nearing 200 in intraday

MG News | May 19, 2022 at 09:50 AM GMT+05:00

0:00

May 19, 2022 (MLN): Enduring the rough patch amid weakening macros and delay in the IMF tranche has kept the dollar demand elevated as the Pakistani rupee (PKR) has lost 1.51 rupees in early trade compared to the previous close of 198.39 per USD.

The rupee was quoted at 199.70/200 (10:00 PST) with trades reported at 199.90.

PKR against USD proved to be the most sensitive currency in the time of crisis as most of the people/exporters are trying to hoard safe-haven dollar.

“Pension cost, circular debt Rs2.5 trillion, public entities Rs1.2tr and fiscal deficit of nearly 8% are not sustainable and adding pressure,” Asad Rizvi, the former Treasury Head at Chase Manhattan said.

While, Independent SBP is not worried about the PKR plunge, probably waiting for IMF outcome, he added.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	134,299.77 290.06M	0.39% 517.42
ALLSHR	84,018.16 764.12M	0.48% 402.35
KSE30	40,814.29 132.59M	0.33% 132.52
KMI30	192,589.16 116.24M	0.49% 948.28
KMIALLSHR	56,072.25 387.69M	0.32% 180.74
BKTi	36,971.75 19.46M	-0.05% -16.94
OGTi	28,240.28 6.19M	0.21% 58.78

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,140.00	119,450.00 115,635.00	4270.00 3.75%
BRENT CRUDE	70.63	70.71 68.55	1.99 2.90%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	1.10 1.14%
ROTTERDAM COAL MONTHLY	108.75	108.75 108.75	0.40 0.37%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	68.75	68.77 66.50	2.18 3.27%
SUGAR #11 WORLD	16.56	16.60 16.20	0.30 1.85%