Intraday Report: PKR plummets by 43 paisa, 100-index down by 532 points

October 12, 2021 (MLN):  The Pakistani Rupee (PKR) depreciated by 43 paisa against the US dollar (USD) in intraday trade on Tuesday on higher demand for the American currency, wrecking the traders' sentiments.

The dollar was being quoted at 170.97/ 171.17 (10:59 PST) compared to the previous day’s close of 170.74.

The rupee continued to bear the pressure despite a 17% YoY increase in remittances by overseas Pakistanis that stood at $2.7 billion in September 2021.

The NYK close on Monday added pressure on PKR while, higher exports and remittances did not come to its rescue, Asad Rizvi, the Former Treasury Head at Chase Manhattan said.

“Government is taking administrative measures after series of actions taken by the State Bank of Pakistan to check PKR slide,” he added.

On the equity front, the benchmark KSE-100 index has lost 532 points [11:14 PST] in intraday trade and is currently trading at 43,301.20.

Proposals over the implementation of a minimum global tax on technology companies on international forums put downward pressure on the local technology sector as it lost around 143.94 points. This is followed by Fertilizer, and Cement sectors that have also witnessed selling activity.

Company-wise, the scrips of AVN, SYS, PTC, TRG have endured the maximum losses.

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