PKR falls to 175.60 in intraday

MG News | November 12, 2021 at 10:07 AM GMT+05:00

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November 12, 2021 (MLN): Pakistani Rupee (PKR) has lost its ground by a further 1.41 rupees during the intraday trade as the currency fell to PKR 175.50 against USD (10:20 PST) on Friday. This was due to the delay in IMF announcement in the release of the committed tranche that created pressure on the home unit.

In an early-morning tweet, Former Treasury Head-Chase Manhattan Bank, Asad Rizvi said, “PKR that was holding up relatively well after the news of Saudi deposit & in hope of getting IMF nod lost nearly 440 paisa in 9-days due to delay.”

Last night, the Saudi ambassador’s tweet should help, but the IMF announcement delay could still keep the market nervous, he noted.

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