Intraday Report: PKR sinks by 1.26 rupees in interbank

MG News | April 20, 2022 at 09:54 AM GMT+05:00

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April 20, 2022 (MLN): Enduring the strong spell of depreciation, the Pakistani rupee (PKR) has lost 1.26 rupees in the interbank market against the US dollar in intraday trade.

The dollar was being quoted at PKR185.66/ 185.86 [9:56 PST] when compared to the previous day’s close of 184.44.

Economic challenges such as declining forex reserves, delay in funds worth $2.4 billion from China after its maturity and widening trade gap are hurting the local unit, Asad Rizvi, the former Treasury Head at Chase Manhattan Bank said.

Ongoing talk with International Monetary Fund (IMF) is creating pressure on PKR too while the holding of exports proceeds is adding to the woes, he added.

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