PKR continues to take a beat, down by 70 paisa

MG News | June 07, 2022 at 10:06 AM GMT+05:00

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June 07, 2022 (MLN): The Pakistani rupee (PKR) continued taking a beat from the US dollar on Tuesday in early trade as it has lost around 70 paisa compared to 200.06 per USD in the previous session close in the interbank market.

The rupee was quoted at 200.74/ 201.49 (10:10 PST) against the greenback with trades reported at 200.75 per USD.

According to experts, the local unit is being pressurized by the delay in the IMF tranche. In addition, the State Bank of Pakistan (SBP) has neither received $2.3 billion from China nor $3bn from Saudi Arabia which is making the scenario worst.

“Yesterday, excessive volatility was witnessed in the market. After losing 1%, PKR made a late recovery. Delay in reaching a staff-level agreement with IMF on the 7th review is hurting”, Asad Rizvi, the former Treasury Head at Chase Manhattan Bank said.

Rumors of restrictions on FCA & RDA further dented the sentiment. Denial should help, he added.

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