Dollar hits 170 in interbank

MG News | September 28, 2021 at 10:11 AM GMT+05:00

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September 28, 2021 (MLN): The US Dollar (USD) continued its upward journey against the Pakistani Rupee (PKR) as it hit an all-new time high of 170 in early trade on Tuesday in an interbank market.

The dollar was being quoted (10:10 PST) at 169.95/170 compared to the previous day’s close of 169.6 per USD.

“It will be interesting to see if it closes beyond or below. But this could be the 1st hint that rupee could potentially trade beyond in coming days unless checked,” Asad Rizvi, Former Treasury Head-Chase Manhattan Bank tweeted.

Earlier today, he said, “The gap between the interbank market & KERB market has further widened, the market could test SBP’s nerve that if PKR is heading for new all-time Lows or not. Though at times few banks are seen offering USD in small amounts. But as soon as sizeable demand occurs, they vanish.”

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