Gloomy PKR continues to touch historic low at 185.40/USD

April 05, 2022 (MLN): Owing to the prevailing uncertainty, the gloomy spell of depreciation has further pushed the Pakistani rupee (PKR) towards free fall as the domestic currency lost Rs1.31 against the US Dollar (USD) during intraday trade on Tuesday in the interbank market. 

The dollar was being quoted at 185.36/ 185.56 (10:57 PST) when compared to the previous close of 184.09 against the greenback.

Within the open market, PKR is trading at 185.5/186.5 per USD. 

Currency experts hinted earlier that despite the inflows and SBP’s effective policies, political noise and rising commodity prices in the international markets would further hit the current account balance of Pakistan which would pose a serious threat to the PKR stability.

Likewise, Asad Rizvi, the former Treasury Head at Chase Manhattan warned that if the country moves towards early elections, the financial market will be rattled.

Govt should slash the imports bill as oil prices will remain a cause of worry, he added.

However, remittances are the only hope due to Ramadan as other financing sources could temporarily dry up.

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