April 18, 2022 (MLN): While losing its gaining momentum, the Pakistani rupee (PKR) has depreciated by 95 pasia against the US dollar in the intraday trade on Monday on the back of widening fiscal and trade deficit amid rising oil prices.
The dollar was being quoted at 182.5/ 182.6 (12: 20 PST) when compared to the previous day’s close of 181.55.
The real test for the new managers is the economy. The deterioration in the Exchequer balance is primarily driven by sharp increases in imports, Asad Rizvi, the former Treasury Head at Chase Manhattan Bank said.
Rising oil prices and skyrocketing commodities prices are further adding to the woes that need to be checked immediately, he added.
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