PKR gains 44 paisa in intraday

MG News | January 12, 2022 at 11:42 AM GMT+05:00

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January 12, 2022 (MLN): Pakistani rupee (PKR) continued to extend gains during the intraday trade today, appreciating by 44 paisa and trading at PKR176.19 [11:42 PST] on the back of lowering dollar demand.

During the last session, the local unit had closed on PKR176.63 per USD.

Asad Rizvi, the former Treasury Head at Chase Manhattan told Mettis that the demand for dollar is being capped.

Due to New Year, credit request has not picked and private sector activity is slow, he added.

In a recent talk with Mettis Global, Zafar Paracha, President Exchange Association of Pakistan hinted that PKR will hover around 175-176 in the short term and going forward in the long-term PKR will gain more ground if the macroeconomic stability remains intact."

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