Intraday Report: PKR drops 83 paisa in interbank

MG News | April 22, 2022 at 11:23 AM GMT+05:00

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April 22, 2022 (MLN): Continuing its downward course, the Pakistani rupee (PKR) has further depreciated by 83 pasia against the US dollar in the intraday trade on Friday.

The dollar was being quoted at 187.80/ 186.95 (11:25 PST) when compared to the previous day’s close of 186.97.

Despite an increase in SBP’s reserves to $10.89bn, the domestic unit is losing the ground against US dollar.

Recent pressure on PKR is also caused by political uncertainty, Asad Rizvi, the former Treasury Head at Chase Manhattan Bank said.

"Two crucial factors are the renewal of the SBP Governor's term that expires in 3-weeks and the Finance Minister’s meeting with IMF as forex reserves are depleting," he added.

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