Intraday Report: PKR dives to another historic low

MG News | March 21, 2022 at 11:19 AM GMT+05:00

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March 21, 2022 (MLN): The steep decline of the Pakistani rupee (PKR) continued in the intraday trade on Monday as the currency has lost 78 paisa, witnessing another historic low mainly due to uncertainty prevailing on the political front of the country.

The dollar was being quoted at 181.25/ 181.35 (11: 23 PST) when compared to the previous day’s close of 180.57 against the greenback.

“Dollar continued its upwards journey pushing PKR towards new lows whereas current account deficit for the month of February 2022 dropped by 545mn (JUL-FEB $12.1bn), Asad Rizvi, the former Treasury Head at Chase Manhattan said.

Unless the trade gap narrows down, with sizeable payments in the pipeline, maintaining a higher level of foreign exchange reserves will be a difficult task, he added.

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