Midday Report: PKR drops by 59 paisa, KSE-100 index remains lackluster

March 14, 2022 (MLN): Owing to the geopolitical uncertainty on the local and global front, the Pakistani Rupee (PKR) in the midday trade has slid once again where it crossed the mark of 179 against the US dollar, depreciating by 59 paisa while, the KSE-100 index witnessed a lacklustre, lost only 32 points and the index is currently trading at 43,620.74.

The dollar was being quoted at 178.95/ 179.10 (11:58 PST) when compared to the previous close of Rs178.51.

According to Asad Rizvi, the former Treasury Head at Chase Manhattan, “There nothing to add as the interbank market is being well managed since the last few weeks”.

With oil over $100, demand for the dollar certainly exceeds the receivables, which is why foreign exchange reserves have dipped.

Exports and Remittances are up but not good enough to ease the pressure on the current account deficit, he added.

On the equity side, the investors remained cautious on the back of policy-level talks between IMF and the government are expected to take place today wherein, Prime Minister’s relief package on Petrol & HSD along with the Industrial amnesty will likely be discussed.

Meanwhile, the traders are also awaited for the positive outcome of the third round of talks between Russia and Ukraine today as Moscow's invading forces maintain their devastating assaults across the former Soviet state.

The discussions come as Russian troops edge closer to Kyiv and keep up their relentless bombardment of the besieged southern port city of Mariupol, according to media reports.

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