PKR hits 189/USD in early trade

MG News | May 11, 2022 at 10:09 AM GMT+05:00

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May 11, 2022 (MLN): Extending its losing streak, the Pakistani rupee (PKR) hit 189 per US dollar in early trade on Wednesday, depreciating 34 paisa on the back of weak macros including higher import bill along with delay in the IMF tranche.

The dollar was being quoted at 188.99/ 189.39 (10:12 PST) when compared to the previous day’s close of 188.66.

According to Asad Rizvi, the former Treasury Head at Chase Manhattan Bank, “Unguarded PKR is directionless that makes everything expensive.”

The rupee is hitting all-time new lows on a regular basis which has become very common in recent times. Taming inflation is an uphill task, but the market will remain vulnerable to imports and political uncertainty, he added.

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