PKR hits fresh low at 184.25/USD in early trade

MG News | April 01, 2022 at 09:57 AM GMT+05:00

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April 1, 2022 (MLN): Enduring on a slippery slope, the Pakistani rupee (PKR) has made another fresh low in the early trade, shedding 77 paisa against the US dollar in the interbank market on Friday.

The dollar was being quoted at 184.05/ 184.25 (9:57 PST) when compared to the previous day’s close of 183.48 against the greenback.

The impact of another large payment could be felt in the coming weeks which is exerting pressure on PKR, Asad Rizvi, the former Treasury Head at Chase Manhattan said in his early morning tweet.

While the sharp decline in SBP’s net reserves to $12.047bn on the back of maturity of a couple of Chinese financing facilities used against the balance of payment has also put pressure on PKR.

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