PKR depreciates in early trade

MG News | March 25, 2020 at 10:55 AM GMT+05:00

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March 25, 2020 (MLN): Today, in the early trade, PKR depreciated to its lowest level since June 2019 as the dollar was quoted at 160.30/161 in the interbank market.

The local currency was expected to take a hit after the Monetary Policy Committee announced an additional rate cut of 150 basis points to the Policy Rate and the government announced an economic relief package of Rs.1.2 trillion.

SBP SCRA numbers, as of March 20 2020, show that foreign investors still have around USD 1.7 Billion parked in Government securities.

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