Intraday Report: Dollar crosses 180 in interbank

MG News | March 17, 2022 at 11:27 AM GMT+05:00

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March 17, 2022 (MLN): Maintaining its bullish rally, the USD dollar has crossed the 180-mark against the Pakistani rupee (PKR) during intraday trade in the interbank market in the backdrop of the Russia-Ukraine issue and China's surging COVID-19 cases.

The dollar was being quoted at 180.03/ 180.24 (11:32 PST) when compared to the previous day’s close of 179.44 against the greenback.

Along with political noise at the local front due to the non-confidence vote extended by the opposition against Prime Minister Imran Khan, the hawkish move of the U.S. Federal Reserve pertaining to monetary policy has also fuelled the demand for the dollar.

Meanwhile, Asad Rizvi, the former Treasury Head at Chase Manhattan said, “Political uncertainty & global unrest is not helping. When the economic uncertainty increases, the future gets clogged.”

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