Intraday Report: PKR’s fall continues

MG News | March 16, 2022 at 10:44 AM GMT+05:00

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March 16, 2022 (MLN): The strong spell of deprecation has further pushed the Pakistani rupee (PKR) towards free fall as the currency has lost 33 paisa during intraday trade mainly due to uncertainty prevailing in the global markets.

The dollar was being quoted at 179.45/ 179.55 (10:42 PST) when compared to the previous day’s close of 179.22 against the greenback.

Though the oil prices have been eased significantly in the international market, but there was no respite for local currency, Asad Rizvi, the former Treasury Head at Chase Manhattan said in his early morning Tweet.

“To bypass sanctions, countries are working on strategy to trade oil in YUAN/ROUBLE to buy oil on subsidy. Our strategist may have other ideas,” he added.

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