PKR depreciates by 30 paisa in first session, crosses 139 per USD in the second

February 26, 2019 (MLN): Pakistani Rupee (PKR) depreciated by 30 paisa during the first session of interbank market today, closing the trade at PKR 138.87 per US Dollar (USD) against yesterday’s closing value of PKR 138.57 per USD.

During its second session, the interbank witnessed the currency to have crossed the PKR 139-per-USD-level, for the first time since November 30, 2018, when the central bank had allowed the currency to devalue.

PKR was being quoted at 139.0/139.05 per USD at the time.

The currency was last quoted at PKR 139.25/50.

According an FX trader, “A couple of banks panicked because of the war hysteria and it works to the SBP’s and Ministry of Finance’s advantage as allowing the rupee to weaken is an IMF requirement for entering into a new arrangement.”

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