Intraday Report: PKR snaps losing streak, up by 47 paisa

December 29, 2022 (MLN): In a surprising move, the Pakistani rupee (PKR) on Thursday snapped a losing streak as the local unit has recovered by almost 47 paisa against the greenback compared to yesterday's close of PKR 226.37 per USD. 

The local unit was quoted at PKR 226.43/226.68 [1:18 PST] with the trades being reported at 225.90 per USD while in the open market, PKR is being traded at 233/236 per USD.

This marginal appreciation is attributed to yesterday's statement of the Federal Minister for Finance and Revenue Ishaq Dar said that Pakistan is not going to default as the incumbent government is effectively managing the economic situation of the country by efficiently using its resources.

While speaking to investors during the Gong Ceremony the first listing of a developmental REIT (Globe Residency REIT) held at the Pakistan Stock Exchange (PSX) he added, “Though the country is facing hardships that do not mean that the sovereign state is going to give up.”

Talking about dollar PKR parity, he admitted that concerns pertaining to the smuggling of dollars to Afghanistan have led PKR towards a bottomless pit. 

On the International Monetary Fund (IMF) front, the minister said that regardless of the difficult conditions accepted by the previous government, the present government is committed to completing the program.

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