PKR hits lifetime-low of 179.25

MG News | March 15, 2022 at 11:00 AM GMT+05:00

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March 15, 2022 (MLN): Making a new low on another day, the Pakistani rupee (PKR) sank to a lifetime low of 179.25 in an intraday trade on Tuesday in the interbank market against US dollar (USD) as growing geopolitical risks due to the Russia-Ukraine war pushed investors to the greenback's safe-haven appeal.

The domestic currency has weakened by 27 paisa (10:59 PST) when compared to the previous day’s close of 178.98 against the greenback.

“Oil is a major factor behind rupee’s fall, though recently price of BRENT eased by nearly 20% as lockdown in several cities in China helped,” Asad Rizvi, Former Treasury Head-Chase Manhattan Bank tweeted.

SCRA outflow of $86 million suggests geopolitical uncertainty that has dented investors’ appetite, he noted.

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