Intraday Report: PKR plunges to another historic low, crosses 187/USD

MG News | April 07, 2022 at 10:48 AM GMT+05:00

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April 7, 2022 (MLN): Continuing its losing momentum, the Pakistani rupee (PKR) has made another new low at 187.10 per US dollar on Thursday during intraday trade as the currency has lost 97 paisa mainly due to uncertainty prevailing in the country on the political front.

The dollar was being quoted at 187.05/ 187.29 (10:52 PST) when compared to the previous day’s close of 186.13.

Unless political tension subsides, the interbank market will remain jittery and directionless. The overall economy is at risk due to uncertain market conditions, Asad Rizvi, the former Treasury Head at Chase Manhattan said.

"Though PKR is undervalued SBP will desist from direct intervention and will continue with its ongoing policy," he added.

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