Intraday Report: PKR slides by 86 paisa per USD

MG News | May 23, 2022 at 11:27 AM GMT+05:00

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May 23, 2022 (MLN): Amid delaying IMF tranche and a steep decline in foreign exchange reserves, the Pakistani rupee (PKR) has lost a further 86 pasia in the intraday trade against the greenback compared to the previous close of PKR 200.14 per USD.

The rupee was quoted at 200.97/201.21 (11:28 PST) with trades reported at 201.

Pressure on the local unit is still being there on the back of the government’s indecisiveness pertaining to the removal of subsidies. Meanwhile, the political temperature of the country is increasing as PTI’s Chairman Imran Khan has called a long march which is scheduled to reach Islamabad on May 25.

On IMF front, the talks for the revival of $6bn EFF program is going on however, there has not been any positive development surfaced yet.

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