Intraday Report: PKR depreciates 70 paisa against USD

MG News | March 07, 2022 at 10:26 AM GMT+05:00

0:00

March 07, 2022 (MLN): Owing to the sharp increase in commodity prices in the international market, the Pakistani rupee (PKR) has slid by 70 paisa in the interbank market during the early trading hours.

The dollar was being quoted at 178.10/ 178.20 (10:24 PST) when compared to the previous close of Rs177.50.

The raging commodity prices have threatened to boost imported inflation which will deteriorate the current account balance and sink PKR deeper in the spell of further depreciation.

Though Pakistan met 26 out of 27 action plans, FATF once again did not recognise Pakistan’s effort that was made to improve counter-terrorist financing-related deficiencies. Pakistan remains committed to strengthening AML/CTF regime that is going to meet on June 2022, Asad Rizvi, the former Treasury Head at Chase Manhattan said.

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