PKR extends gains by 70 paisa in interbank

November 1, 2021 (MLN): The upward momentum of the Pakistani Rupee (PKR) continued in the interbank market as the domestic currency kicked off the week on a positive note, appreciating by 70 paisa against the US Dollar (USD) in the intraday trade.

The dollar was quoted 170.95/171.05 (12:49 PST) while the local currency on Friday had closed the trade at 171.65 per USD.

In his early morning Tweet, Asad Rizvi, the former Treasury Head at Chase Manhattan said that there is room for some more PKR recovery.

The traders are keenly looking for a conclusive note from Government and International Monetary Fund (IMF) talks. Commenting on the same, he stated, “As the market waits for IMF press release, it may lose patience if the announcement is delayed this week.”

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Posted on: 2021-11-01T12:53:24+05:00