Early Trade: PKR falls by another 86 paisa

MG News | April 19, 2022 at 09:16 AM GMT+05:00

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April 19, 2022 (MLN): Continuing its downward momentum, the Pakistani rupee (PKR) has weakened by 86 paisa against the US Dollar (USD) in an early trade on Tuesday, hurt by higher imports and rising oil prices.

The dollar was quoted at 183.36/ 183.56 (09:16 PST) when compared to the previous close of Rs182.54.

"Yesterday the rupee moved within 95 paisa band. The pressure on local currency mounted after reports of a fall in forex reserves & higher oil prices," Asad Rizvi, the former Treasury Head at Chase Manhattan Bank said on Twitter.

The economy is facing a series of tough events. Falling reserves, a sharp increase in imports and skyrocketing commodity prices are the real challenges for the new managers while the Pakistan -International Monetary Fund (IMF) formal dialogue which was set to begin yesterday could give some breathing space.

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