Intraday Report: PKR keeps on sliding

MG News | March 18, 2022 at 10:50 AM GMT+05:00

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March 18, 2022 (MLN): Continuing its losing momentum, the Pakistani rupee (PKR) has further slipped by 52 paisa during intraday trade on the rising political unrest on the domestic front and soaring commodity prices which have been picked up the pace once on the slim progress in peace talks between Russia and Ukraine.

The dollar was being quoted at PKR180.49/180.59 (10:45 PST) when compared to the previous day’s close of 180.07 against the greenback.

"Pakistan’s Foreign Exchange Reserves is down by $381mn to $15.832bn. This is the 6th conservative fall since FEB. OIL is heavily weighing, bounce back is threatening, Asad Rizvi, the former Treasury Head by Chase Manhattan said.

Ongoing domestic/political unrest & talks with IMF is also giving jitters that do not support the local currency, he added.

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