PKR hits 206 per USD in intraday trade

June 15, 2022 (MLN): Making an all-time new low, the Pakistani rupee (PKR) touched 206 against the greenback in intraday trade, depreciating by 84 paisa compared to the previous close of PKR205.16 per USD.

The PKR was quoted at 205.98/206.23 (11:19 PST) with trades being reported at PKR 206 per US dollar. 

Market experts opined that all eyes are on IMF nod. Since IMF has clearly expressed its concerns while saying that government will have to take additional measures in budget FY23 to unlock the tranche, the market is still facing uncertainty.

On the FATF side, a report by Ismail Iqbal Securities noted that Pakistan is likely to stay on the grey list till Feb-22 and may get an onsite visit from FATF officials at the conclusion of the ongoing FATF review.

In addition, along with a rollover of $2.3bn, China has agreed to disburse additional $2.5-2.8bn by November 2022.

Since the arrival of the new government, PKR has depreciated by Rs24.07 in the interbank market while in the open market, the local unit has reached Rs208, up by 23 rupees.

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